(1) There shall be a Finance Committee constituted by the Executive Council consisting of the following, namely :––
(a) the Vice-Chancellor ;
(b) the Administrative Secretary, Finance Department ;
(c) three other members nominated by the Executive Council from amongst its members of whom one shall be professor ;
(d) Financial Advisor/Chief Accounts Officer of the Department of Law, Justice and Parliamentary Affairs.
(2) The members of the Finance Committee, other than the ViceChancellor, Professor and Financial Advisor/Chief Accounts Officer shall hold office so long as they continue as members of Executive Council.
(3) The functions and duties of the Finance Committee shall be as follows :––
(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 and to consider reappropriation statements and audit reports and to make recommendations to the Executive Council ; and
(d) to give its views and to make recommendations to the Executive Council on any financial question affecting the University either on its own initiative or on reference from the Executive Council or the Vice-Chancellor.
(4) The Finance Committee shall meet at least, four times in every year. Four members of the Finance Committee shall form the quorum.
(5) The Vice-Chancellor shall preside over the meetings of the Finance Committee, and in his absence, a member nominated by the Vice Chancellor for this purpose/meeting shall preside. In case of deference of opinion among the members, the opinion of the majority of the members present shall prevail.