(1) The Finance Committee shall consist of the following members, namely:-
(a) The Vice-Chancellor;
(b) The Secretary to Government incharge of Finance;
(c) The Secretary to Government incharge of Education;
(d) Two members nominated by the Executive Council from amongst its members, of whom one shall be a professor and one shall be a person nominated to the Executive Council by the Chancellor.
(2) If for any reason the officer referred to in clause (b) or clause (c) of sub-section
(1) is unable to attend any meeting of the Finance Committee, he may depute any officer of his department not lower in rank than that of a Deputy Secretary to Government to attend such meeting. The officer or person deputed shall have the right to take part in the discussions of the committee and shall have the right to vote.
(3) The Vice-Chancellor shall be the ex-officio Chairman and the Finance Officer shall be the ex-officio Secretary of the Finance Committee.
(4) All members of the Finance Committee other than the ex-officio members shall hold office for a period of three years.
(5) The Finance Committee shall meet at least once in three months to examine the accounts and to scrutinise proposals for expenditure.
(6) The annual accounts of the University prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments and thereafter submitted to the Executive Council for approval.
(7) The Finance Committee shall recommend limits for the total recurring expenditure and the total non-recurring expenditure for the year based on the income and resources of the University which, in the case of productive works may include the proceeds of loans.
(8) The Finance Committee shall,-
(a) review the financial position of the University from time to time;
(b) make recommendations to the Executive Council in every proposal involving investment or expenditure for which no provision has been made in the Annual Financial Estimates or which involves expenditure in excess of the amount provided for in the Annual Financial Estimates;
(c) prescribe the methods and procedure and forms for maintaining the accounts of the University;
(d) make recommendations to the Executive Council on all matters relating to the finances of the University; and
(e) perform such other functions as may be prescribed.
(9) The Financial estimates of the University prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments. The said estimates as modified by the Finance Committee shall be then laid before the Executive Council for consideration. The Executive Council may accept the modification made by the Finance Committee.
CHAPTER VI STATUTES