With Enactment of LIC Act , 1956 , an autonomous body , Life Insurance Corporation of India was formed . The act defines its powers , duties and functions . It has a separate legal entity . It is fully owned by government . It has independent finacial policy and can raise funds by borrowing from public and government . however it is not subject to any budgetary accounting or audit control like Railways . It 's annual report is presented in parliament every year.
(a) Name the type of public sector enterprise referred in above case.
(b) Name the act under which it is formed.
( c) Name any other statutory corporation.
(d) State two features of statutory corporation mentioned above.