(1) There shall be a Finance Committee constituted by the Board of Management consisting of :-
(a) the Vice-Chancellor Chairman;
(b) the Principal Secretary or Secretary (Finance) to Government ex-officio;
(c) the Principal Secretary or Secretary (Technical Education) to Government ex-officio;
(d) two other members nominated by the Board of Management from amongst its members, of whom at least one should not be an employee of the University;
(e) the Registrar of the University;
(f) the Controller of Finance will be the member secretary;
(g) such other members as may be prescribed by the statutes,
(2) The members nominated under clause (d) of sub-section (1) may hold office only so long as they continue as members of the Board of Management.
(3) The functions and duties of the Finance Committee shall be as follows:-
(a) to examine and scrutinize the annual budget of the University and to make recommendations on financial matters to the Board of Management;
(b) to consider proposals for new expenditure and to make recommendations to the Board of Management;
(c) all proposals relating to revision of grades, up-gradation of the payscales and those items which are not included in the budget, shall be examined by the Finance Committee before they are considered by the Board of Management;
(d) to consider the annual accounts and the financial estimates of the University, prepared by the Controller of Finance and laid before the Finance Committee for approval and thereafter submitted to the Board of Management;
(e) to fix the limits for the total recurring and non-recurring expenditure for the year, based on income and resources of the University, and no expenditure shall be incurred by the University in excess of the limits so fixed, without the approval of the Finance Committee;
(f) To give its views and to make recommendations to the Board of Management on any financial question affecting the University either on its own initiative or on reference from the Board of Management or the Vice-Chancellor.
(4) The Finance Committee shall meet, at least, four times in a year. Three members of the Finance Committee shall form the quorum at any meeting.
(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.