(1) The Finance Committee shall act as advisory body on all matters concerning the finance of the Board. Its duties and functions shall be as under:—
(i) to prepare and submit to the Executive Council with its recommendations the annual, revised or supplementary budget estimates of the annual accounts of income and expenditure of the Board;
(ii) to make recommendations to the Executive Council on all matters relating to the finance of the Board;
(iii) to examine every proposal of new expenditure and to advise the Executive Council thereon;
(iv) to review and report periodically to the Executive Council on the financial position of the Board;
(v) generally to devise means for effecting economy, without impairing efficiency;
(vi) to consider proposals for fixation of pay scales for new posts and revision of pay scales and advise the Executive Council thereon.
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