A statutory corporation is a corporation created by statute. Their precise nature varies by jurisdiction, but their powers are defined in, and controlled by, the creating legislation.
Bodies described in the English language as "statutory corporations" exist in the following countries in accordance with the associated descriptions (where provided).
State ownership, also called public ownership or government ownership, is the ownership of an industry, asset, property, or enterprise by the national government of a country or state, or a public body representing a community, as opposed to an individual or private party. Public ownership specifically refers to industries selling goods and services to consumers and differs from public goods and government services financed out of a government's general budget. Public ownership can take place at the national, regional, local, or municipal levels of government; or can refer to non-governmental public ownership vested in autonomous public enterprises. Public ownership is one of the three major forms of property ownership, differentiated from private, collective/cooperative, and common ownership.
In market-based economies, state-owned assets are often managed and operated as joint-stock corporations with a government owning all or a controlling stake of the company's shares. This form is often referred to as a state-owned enterprise. A state-owned enterprise might variously operate as a Nonprofit corporation, as it may not be required to generate a profit; as a commercial enterprise in competitive sectors; or as a natural monopoly. Governments may also use the profitable entities they own to support the general budget. The creation of a state-owned enterprise from other forms of public property is called corporatization.
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor," the party to whom it is entrusted is known as the "trustee," the party for whose benefit the property is entrusted is known as the "beneficiary," and the entrusted property is known as the "corpus" or "trust property." A testamentary trust is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life.
The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income and expenditures. A court of competent jurisdiction can remove a trustee who breaches their duty. Some breaches can be charged and tried as criminal offenses. A trustee can be a natural person, business entity or public body. A trust in the US may be subject to federal and state taxation. The trust is governed by the terms under which it was created. In most jurisdictions, this requires a contractual trust agreement or deed. It is possible for a single individual to assume the role of more than one of these parties, and for multiple individuals to share a single role. For example, in a living trust it is common for the grantor to be both a trustee and a lifetime beneficiary while naming other contingent beneficiaries.
The Court of the Lord Lyon, or Lyon Court, is a standing court of law, based in New Register House in Edinburgh, which regulates heraldry in Scotland. The Lyon Court maintains the register of grants of arms, known as the Public Register of All Arms and Bearings in Scotland, as well as records of genealogies.
The Lyon Court is a public body, and the fees for grants of arms are paid to His Majesty's Treasury. It is headed by the Right Honourable the Lord Lyon King of Arms, who must be legally qualified, as he has criminal jurisdiction in heraldic matters, and the court is fully integrated into the Scottish legal system, including having a dedicated prosecutor, known in Scotland as a procurator fiscal.