(1) The Finance Committee shall consist of the following five members, namely:—
(i) The Vice-Chancellor;
1 [(ii) The Secretary to Government in-charge of Finance or any officer nominated by him;]
(iii) Three members nominated by the Syndicate from among its members.
(2) If for any reason the officer referred to in clause (ii) of sub-section (1) is unable to attend any meeting of the Finance Committee, he may depute any officer of the Department to attend such meeting. The officer so deputed shall have the right to take part in the discussions of the Committee and shall have the right to vote.
(3) (i) The Syndicate shall, in the manner prescribed by the ordinances, prepare the financial estimates of the University and place the same before the Finance Committee.
(ii) The Finance Committee shall then scrutinize the said estimates and may make such modifications therein as it considers necessary.
1. Item (ii) was substituted by Section 7 of the Madras University and Madurai-Kamaraj University (Second Amendment) Act, 1979(Tamil Nadu Act No. 9 of 1980).
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(iii) The said estimates, as modified by the Finance Committee, shall then be laid before the Syndicate for consideration. The Syndicate may accept the modifications made by the Finance Committee and place the estimates as so modified before the Senate for approval or it may refuse to accept the modifications, in which case, it shall place before the Senate the estimates, the modifications made or the objections raised by the Finance Committee and the reasons for the non-acceptance. The Senate shall consider the estimates so laid before it and shall sanction the same either without modification or with such modifications as it thinks fit:
Provided that the Senate shall not make any modifications in the estimates which have the effect of increasing the estimates of expenditure or reducing the estimates of income.
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CHAPTER – VI STATUTES, ORDINANCES AND REGULATIONS