UPDATE: (10/08/2008) Some have asked just what does this mean to the Institute and to those, like us, who are members of apostolates of the Institute. (Canon 589: An institute of consecrated life is said to be of pontifical right if the Apostolic See has erected it or approved it through a formal decree. It is said to be of diocesan right, however, if it has been erected by a diocesan bishop but has not obtained a decree of approval from the Apostolic see.) The Institute's Pontifical right status means that it has been established by the Pope and is answerable only to him in terms of its operations (through the Pontifical Commission Ecclesia Dei), rather than to local bishops. A local bishop still governs the Institute's work within his respective diocese. In this sense its organization and administrative reporting status are similar to those of other religious orders of pontifical right such as the Jesuits and Dominicans.
If you'd like more information, check with the book, New Commentary on the Code of Canon Law by John Beal and James Coriden, page 757).
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