The most important state-owned companies headquartered in Montevideo are: AFE (railways), ANCAP (Energy), Administracion Nacional de Puertos (Ports), ANTEL (telecommunications), BHU (savings and loan), BROU (bank), BSE (insurance), OSE (water & sewage), UTE (electricity). These companies operate under public law, using a legal entity defined in the Uruguayan Constitution called Ente Autonomo ("autonomous entity"). The government also owns part of other companies operating under private law, such as those owned wholly or partially by the CND (National Development Corporation).