A quasi-corporation is[1] an entity that exercises some of the functions of a corporation, but has not been granted separate legal personality by statute. For example, a public corporation with limited authority and powers such as a county or school district is a quasi-corporation. A quasi-corporation is a business which has operated as a corporation without completing the legal requirements, often in the period just before formal incorporation. It is a corporation formed with good faith intent but lacking a formality. It is also a corporation consisting of a person or body of persons invested with some of the qualities of an artificial person, though not expressly incorporated, especially the official of certain municipal divisions such as counties, schools districts, and the towns of some states of the United States, certain church officials, as a churchwarden, etc.[2]
United States
On the Federal level
When created by the federal government of the United States, these entities are commonly called quasi-public corporations. These now or in the past have included telegraph and telephone companies, oil and gas, water, and electrical power companies, and irrigation companies.[3] Some examples of quasi-public corporations in the US are Sallie Mae, Fannie Mae, Amtrak (National Railroad Passenger Corporation), the Communications Satellite Corporation (“COMSAT”), and the US Postal Service [4]
At the local (municipal) level
In the United States, such entities established, supported, or controlled by a city, county, or township may be called quasi-municipal corporations.
References
- ^ "OECD Glossary of Statistical Terms - Quasi-corporations Definition". stats.oecd.org. Retrieved May 18, 2020.
- ^ Inc., US Legal. "Quasi Corporation Law and Legal Definition | USLegal, Inc". definitions.uslegal.com. Retrieved 2018-10-05.
- ^ Liberto, Daniel. "Quasi-Public Corporation Definition". Investopedia. Retrieved 2020-04-16.
- ^ "Quasi Public Corporation: Everything You Need to Know". UpCounsel. Retrieved 2018-10-05.