(1) The Finance Committee shall have the following powers and functions, namely:-
(a) to examine and scrutinize the annual budget of the University and to make recommendations on financial matters to the Executive Council;
(b) to consider all proposals for new expenditure and to make recommendations to the Executive Council;
(c) to consider the periodical statements of accounts and to review the finances of the University, from time to time, to consider re-appropriation statements and audit reports, and to make recommendations thereon to the Executive Council; and
(d) to give views and to make recommendations to the Executive Council on any financial matters affecting the University, either on its own motion or on a reference from the Executive Council or the Vice-Chancellor.
(2) The Finance Committee shall meet at least once in every six months. Three members of the Finance Committee shall form the quorum for a meeting.
(3) The Vice-Chancellor shall preside over the meetings of the Finance Committee and in his absence a member elected at a meeting shall preside.
(4) The decisions of the Finance Committee shall be taken by simple majority of the members present and voting.
(5) All matters relating to creation of posts and grant of scales shall be brought before the Finance Committee for its recommendations before being placed before the Executive Council.