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public corporation
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Public Corporation
Company structure that is similar in organization to a public limited company but with no shareholder rights. Such corporations are established to carry out state-owned activities, but are financially independent of the state and are run by a board. The first public corporation to be formed in the UK was the Central Electricity Board in the 1920s.
After World War II, a number of industries were nationalized, and new public corporations established. Since the late 1970s, however, there has been a growing incidence of privatization, and many previously nationalized activities have been returned to the private sector, becoming public limited companies.
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