(1) The Finance Council shall consist of following members, namely:—
(i) the Vice-Chancellor;
(ii) the Registrar;
(iii) the Finance Officer;
(iv) two members elected by Management Council members from amongst themselves;
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(2) The powers and functions of the Finance Council shall be,—
(i) to prepare the budget estimate of the University and to review the accounts of expenditure and to make recommendations to the Management Council;
(ii) to consider and make recommendations to the Management Council on the proposals for new expenditure on major works and purchases;
(iii) to scrutinise re-appropriation statements and audit notes and make recommendations to the Management Council;
(iv) to review the finance of the University and to suggest concurrent audit conducted wherever necessary;
(v) to give advice and make recommendations to the Management Council on any other financial question affecting the affairs of the University.
(3) The term of the Finance Council shall be three years or as may be prescribed by the Statutes.