(1) There shall be a Finance Committee consisting of the following members, namely:-
(i) the Vice - Chancellor;
(ii) the Secretary to Government in charge of Finance Department or his nominee not below the rank of a Deputy Secretary;
(iii) the Secretary to Government incharge of Education or his nominee not below the rank of a Deputy Secretary;
(iv) the Secretary to Government incharge of Planning Department or his nominee not below the rank of a Deputy Secretary;
(v) two Members nominated by the Syndicate, of whom one shall be a Professor and one shall be a person nominated by the Chancellor to the Syndicate;
(vi) one Member nominated by the Academic Council;
(vii) the Registrar.
(2) For any reason, the Officer referred in clause (ii), (iii) or (iv) under sub-section (1) unable to attend any meeting of the Finance Committee, he may depute any officer of his department who is not below the rank of the Deputy Secretary to Government to be present at the meeting. The Officer or the deputed person shall have right to participate in the discussions and to cast vote in the committee.
(3) The Finance Committee shall meet atleast once in three months.
(4) The Finance Committee shall perform the following functions, namely:-
(i) to conduct the general scrutiny of accounts of the University, review the yearly audit reports and make recommendations thereon;
(ii) to scrutinise the annual budget estimates and make recommendations to the Academic Council and Syndicate;
(iii) to scrutinise all proposals of the University involving expenditure for which no provision is made in the budget or involving the expenditure in excess of the amount provided for in the budget including creation, upgradation and abolition of posts in the University;
(iv) such other functions as may be prescribed by the Statutes;
(5) Notwithstanding anything contained in sub-section (4), the Vice-Chancellor may in case of urgency and for reasons to be recorded in writing, incur without the approval of the Finance Committee, any expenditure not exceeding one lakh rupees in any one case for which no provision is made in the budget or which is in excess of the provisions made in the budget:
Provided that such expenditure shall be placed before the Finance Committee for ratification at its immediate next quarterly meeting:
Provided further that if the incurring of expenditure by the Vice-Chancellor is not satisfactory, the Finance Committee may refer it to the Chancellor, whose decision in the matter shall be final.
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(6) Where the votes on any subject considered by the Finance Committee are equally divided, the Vice-Chancellor shall have the casting vote.