Statutory

Pertaining to laws or statutes, which are written legal rules established by legislative bodies. statutory provisions are enacted to govern specific issues or behaviors within a society. These laws are distinct from regulatory guidelines or common law, as they require formal legislative process for their enactment. statutory obligations can create legal responsibilities for individuals and organizations.

Statutory meaning with examples

• As a statutory requirement, all businesses must ensure compliance with health and safety regulations to protect their employees and customers. Failure to adhere to these rules can result in hefty fines and legal action, emphasizing the importance of understanding and following statutory mandates in the workplace.
• The organization operates under a statutory framework that mandates its financial operations to be both transparent and accountable. This legal structure not only ensures regulatory compliance but also builds trust among stakeholders who rely on the integrity of the organization's financial practices.
• During the audit, the accountant discovered several areas where the company failed to meet its statutory obligations, including insufficient record-keeping and non-compliance with tax laws. These oversights could lead to serious penalties, highlighting the importance of rigorously adhering to statutory requirements.
• In order to qualify for the grant, the nonprofit must demonstrate that its programs meet certain statutory criteria laid out by the funding agency. These guidelines ensure that only organizations adhering to specific legal requirements can benefit from government support.
• The new statutory law introduced several measures aimed at protecting consumers from unfair business practices. By creating a legal framework for accountability, it paved the way for consumers to seek restitution for breaches of their rights under the new statutes.