(1) There shall be a Finance Committee constituted by the Executive Council consisting of the following, namely :-
(i) the Vice-Chancellor ;
(ii) three members nominated by the Executive Council from amongst its members out of whom at least one shall be a representative of the Government of Maharashtra ;
(iii) the Finance and Accounts Officer of the university.
(2) The members of the Finance Committee, other than the Vice-Chancellor, shall hold office for a term of three years.
(3) The powers and functions of the Finance Committee shall be as follows, namely :-
(i) to examine and scrutinize the annual budget of the university and to make recommendations on financial matters of the Executive Council ;
(ii) to consider all proposals for new expenditure and to make recommendations to the Executive Council ;
(iii) to consider the periodical statements of accounts and to review the finances of the university, from time to time; and to consider re-appropriation statements and audit reports and to make recommendations to the Executive Council ;
(iv) to give its views and to make recommendations to the Executive Council on any financial question affecting the university either on its own initiative or on reference from the Executive Council or the Vice-Chancellor.
(4) The Finance Committee shall meet at least twice every year. Three members of the Finance Committee shall form the quorum.
(5) The Vice-Chancellor shall preside over the meetings of the Finance Committee, and in his absence, a member, elected at the meeting shall preside. In case of difference of opinion among the members, the opinion of the majority of the members present shall prevail.