(1) There shall be a Finance Controller for the University, who shall be on deputation from the State Government and his remuneration and allowances shall be paid by the University.
(2) The Finance Controller shall be responsible for preparing the budget (annual estimates) and the statement of accounts for presentation to the Finance Committee and the Executive Council, and also for drawing and disbursing funds on behalf of the University.
(3) He shall have the right to speak to and otherwise to take part in the proceedings of the Executive Council, pertaining to finance.
(4) The Finance Controller shall have the duty to ensure that:-
(a) no expenditure or investment, which is not authorized in the budget approved by the Finance Committee, is incurred by the University;
(b) the proposed expenditure is in accordance with the provisions of this Act;
(c) no financial irregularity is committed;
(d) timely steps are taken to set right any irregularities pointed out during audit;
(e) the investments of the University are duly preserved and managed;
(5) The Finance Controller shall have access to and may require the production of such financial records and documents of the University as in his opinion may be necessary for the discharge of his duties.
(6) All financial contracts shall be entered into and signed by the Finance Controller on behalf of the University with prior approval of Executive Council.
(7) Other powers and functions of the Finance Controller shall be such as may be prescribed.
(8) The Finance Controller shall be the Member-Secretary of the Finance Committee.
(9) He shall abide by the instructions of the State Government in conformity with all financial manuals and financial guidelines issued from time to time.