Which of the following statements about public corporations is not true?

A. It is managed by a board of directors
B. It is established by an act of parliament
C. Huge capital is needed for its establishment
D. It is financed mainly by private individuals

Correct Answer: Option D

D. It is financed mainly by private individuals

Explanation

• Government-Owned and financed.
• Government Controlled and Managed.
• Separate Legal Entity.
• Perpetual Succession.
• Autonomy.
• Service Motive.
• Public Accountability.
• Business Motive.