Identify and explain the various types of corporations

Types of corporations
• Corporation sole: this is a legally established office distinct from the holder and can only be occupied by one person at a time after which he is succeeded by another. It is a legal person in its own right, with perpetual succession, capacity to contract sue or be sued e.g. office of the Public Trustee, office of the permanent secretary to the Treasury.
• Statutory Corporations: this is a corporation created by an act of parliament for example Agricultural Finance Corporation.
• Registered corporations: these are companies formed in accordance with the provisions of the Companies Act. Examples are public and private companies.
• Chartered Corporations: these are corporations created by charter granted by the relevant authority under the Universities Act. For example Private Universities e.g. Baraton University.

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