(1) The Finance Committee who shall be the Principal Finance body and shall consist of the following members, namely:
(i) the Vice-Chancellor of the University who shall be the ex-Officio Chairman of the Committee;
(ii) one member of the Board to be nominated by the President;
(iii) one representative of the Sponsoring Body to be nominated by the President;
(iv) one Dean of the University, by rotation, to be nominated by the Vice-Chancellor; and
(v) one expert in the field of Finance to be nominated by the President.
(2) The Registrar shall be the non-member Secretary of the Committee.
(3) An outgoing member shall be eligible for re-nomination for the next term.
(4) The term of office of a member, other than the ex-officio member shall be three years.
17 Powers and functions of the Finance Committee.
Board of Examination and its power and function.
16. Subject to the other provisions of this Act, the Finance Committee shall have following powers and functions, namely:
(i) examine the annual accounts and annual budget estimates of the University and advise the Board thereon;
(ii) review the financial position of the University from time to time;
(iii) make recommendations to the Board on all financial policy matters of the University;
(iv) make recommendations to the Board on all proposals involving raising of funds, receipts and expenditure;
(v) provide guidelines for investments of surplus funds;
(vi) make recommendations to the Board on all proposals involving expenditure for which no provision has been made in the budget or for which expenditure in excess of the amount provided in the budget has been or has to be incurred;
(vii) examine all proposals relating to revision of scales, upgradation of scales and those items which are not included in the budget, before they are submitted to the Board; and
(viii) exercise such other powers and perform such other functions as may be conferred or imposed upon it by the Regulations.