(1) The Finance Officer shall be appointed by the Executive Council on the recommendations of the selection committee as prescribed by Statutes. His qualifications, emoluments and terms and conditions of service shall be such as may be prescribed by the Statutes.
(2) The Finance Officer shall be appointed for a period of five years and shall be eligible for reappointment :
Provided that, no person shall hold the office of Finance Officer beyond the age of sixty years.
(3) When the office of the Finance Officer falls vacant or when the Finance Officer is by reason of illness, or absence or any other cause, unable to perform the duties of his office, such duties shall be performed for the time being, by such person as the Vice-Chancellor may appoint for the purpose, for a period not exceeding six months or until a Finance Officer is duly appointed, whichever is earlier.
(4) The Finance Officer shall assist the Vice-Chancellor in financial matters and be under the general control of the Vice-Chancellor. In the exercise of his powers and performance of his duties, the Finance Officer shall :-
(a) exercise general supervision over the funds of the University and shall advise the University as regards its financial policy;
(b) hold and manage the property and investments including trust and endowed property, for furthering any of the objects of the University;
(c) ensure that the limits fixed by the Finance Committee for recurring and non-recurring expenditure for a year are not exceeded, and that all moneys are expended for the purposes for which they are granted or allotted;
(d) be responsible for the preparation of the annual accounts and the budget of the University for the next financial year, and for their presentation to the Executive Council;
(e) keep a watch on the state of the cash and bank balances and of the investments;
(f) watch the progress of collection of revenue and advise on the methods of collection employed;
(g) have the accounts of the University regularly audited;
(h) ensure that the registers of building, land and equipments are maintained up-to-date, and that the stock–checking of equipment and other consumable material in all offices, colleges, centers, institutes, laboratories, libraries, workshops and stores is conducted regularly;
(i) propose to the Executive Council, through the Vice-Chancellor, that explanation be called for unauthorized expenditure or other financial irregularities in any particular case, and recommend disciplinary action against the persons at fault;
(j) call, from any office, centre, college, laboratory or institution under the control of the University, for any information and returns that he thinks necessary for the proper discharge of his financial responsibilities; and
(k) exercise such other powers, perform such other duties and discharge such other financial functions as are assigned to him by the Executive Council or as may be prescribed by the Statutes.