What term refers to property owned by a corporation formed to carry out governmental functions?

The term that refers to property owned by a corporation formed to carry out governmental functions is 'public corporation.' Public corporations are created by the government to serve the public interest and undertake activities that benefit the community, such as infrastructure development or providing essential services. Unlike private corporations, which operate for profit, public corporations are established primarily for the purpose of fulfilling governmental responsibilities and enhancing public welfare.

In contrast, public property generally refers to land and assets owned by government entities rather than a distinct corporate body. A private corporation is owned by individuals or groups primarily for profit, which does not align with the concept of carrying out governmental functions. Non-profit organizations can serve public or charitable purposes, but they are not structured as corporations in the same sense as public corporations, which are specifically formed to execute governmental duties. Therefore, 'public corporation' accurately captures the essence of a corporation established to perform governmental functions.