(1) There shall be a Finance Committee consisting of the following members, namely:-
(i) The Director- Chairperson;
(ii) One expert in University finance or accounting service nominated by the Board of Governors;
(iii) One member each of the Board of Governors and the Academic Senate;
(iv) The Registrar; and
(v) The Finance Officer - Member Secretary.
(2) The Finance Committee shall meet at least once in three months.
(3) The Finance Committee shall perform the following functions, namely: -
(i) To scrutinize the annual budget estimates and the annual accounts of the University, review the yearly audit reports and make recommendations thereon;
(ii) To scrutinize all proposals of the University involving expenditure in excess of budgetary provision or for which no provision is made in the budget, including creation, upgradation and abolition of posts in the University and make recommendations thereon;
(iii) To plan practical and implementable strategies for mobilizing funds for the University and also make proper plans for investment of excess funds at the disposal of the University and make recommendations thereon; and
(iv) Such other functions as may be prescribed by the Regulations:
Provided that, the above recommendations are placed at the meetings of the Board of Governors for its consideration.
(4) Notwithstanding anything contained in item (i) of sub-section (2), the Director may, in case of urgency and for reasons to be recorded in writing, incur without the approval of the Finance Committee, any expenditure up to a limit as specified in the Regulations 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 immediately subsequent quarterly meeting.
Provided further that, if the incurring of expenditure by the Director is not satisfactory, the Finance Committee may refer it to the Board of Governors, whose decision in the matter shall be final.