(1) There shall be a Controller of Finance for the University, who shall be appointed by the State Government by a notification published in the Gazette, and his remuneration and allowances shall be paid by the University.
(2) The Controller of Finance shall be responsible for presenting the budget (annual estimates) and the statement of accounts to the Board of Management and also for drawing and disbursing funds on behalf of the University.
(3) He shall have the right to speak in and otherwise to take part in the proceedings of the Board of Management but shall not be entitled to vote.
(4) The Controller of Finance shall have the duty:-
(a) to ensure that no expenditure, not authorized in the budget, incurred by the University (otherwise than by way of investment);
(b) to disallow any proposed expenditure which may contravene the provisions of this Act or the terms of any Statutes or Ordinances;
(c) to ensure that no other financial irregularity is committed and to take steps to set right any irregularities pointed out during audit;
(d) to ensure that property and investments of the University are duly preserved and managed.
(5) The Controller of Finance shall have access to and may require the production of such records and documents of the University and furnishing of such information pertaining to its affairs as in his opinion may be necessary for the discharge of his duties.
(6) All contracts shall be entered into and signed by the Controller of Finance on behalf of the University.
(7) Other powers and functions of the Controller of Finance shall be such as may be prescribed.