Section 23: The Finance Committee

(1) The Finance Committee shall consist of: (i). The Vice-Chancellor; (ii). The Chief Financial Officer; (iii). The Registrar; (iv). One representative of the Sponsor; (v). One faculty member nominated by the Chancellor. (2) The Vice Chancellor shall be Chairperson of the Finance Committee. In the absence of the Vice Chancellor, a person nominated by the Sponsor from among the members of the Committee shall serve as the Chairperson. The Chief Financial Officer shall be the Secretary. In the absence of the Chief Financial Officer, the Chairperson may nominate one of the members to serve as Secretary, protem. (3) The Finance Committee may meet as often as necessary, but not less than twice in a calendar year, at such place and time as the Vice Chancellor may decide. Three persons including the Chairperson shall constitute the quorum for a duly convened meeting of the Finance Committee. (4) The Finance Committee shall be the principal financial body of the University to take care of all financial matters and shall, subject to the provisions of the Act, the Statutes and Rules, co-ordinate and exercise general supervision over the financial affairs of the University. (5) The annual budgets, annual accounts and all major financial proposals shall be considered by the Finance Committee before they are submitted to the Board of Governors for their consideration and approval. (6) The powers and functions of the Finance Committee shall be such as may be prescribed in the Statutes or as delegated to it by the Board of Governors.