What Does Statutory Mean?


Statutory can mean an audit carried out to comply with the requirements of particular legislation or the mandatory reserve for incorporated businesses; the annual transfer to reserves has to be at least one twentieth of the profit for the year, net of losses brought forward. Also, it can mean prescribed or authorized by or punishable under a statute.
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Ask.com Answer for: what does statutory mean
[stach-oo-tawr-ee, -tohr-ee]
of, pertaining to, or of the nature of a statute.
prescribed or authorized by statute.
conforming to statute.
(of an offense) recognized by statute; legally punishable.
Source: Dictionary.com
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