Definition, Meaning & Synonyms
statutory-basis
noun
/ˈstætʃəˌtɔri ˈbeɪsɪs/
Definition
A system of regulation or legal framework established by laws enacted by a legislative body.
Examples
- The taxation system operates on a statutory basis, requiring all citizens to comply with established laws.
- Many businesses must adhere to regulations set on a statutory basis to maintain operations.
- The statutory basis for consumer protection laws ensures that companies must act responsibly towards their customers.
Meaning
Statutory basis refers to the foundation or structure for legal rules, obligations, and procedures created and defined by statutory law.
Synonyms
- Legal foundation
- Regulatory framework
- Legislative basis
- Statutory framework
