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English definition of “statutory”

statutory

adjective
 
 
/ˈstætjətəri/
LAW decided, controlled, or required by law: There is no escape from these charges since they are statutory. In France everybody is entitled to a statutory 25 days a year holiday. You have no statutory authority to order anybody to make a refund. statutory duty/obligations/responsibilities When managing agents are dealing with other people's money, it is vital that this is covered by statutory regulation. Unions want a statutory right to time off for training. The Board of Management will submit the annual statutory accounts. The government wants to increase the turnover threshold above which companies are required to have a statutory audit of their annual accounts.
statutorily adverb
(Definition of statutory from the Cambridge Business English Dictionary © Cambridge University Press)
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