(1) The Finance Committee shall consist of the following members, namely:-
(a) the Vice Chancellor; Chairman
(b) the Secretary to the State Government in the Finance Department; Member
(c) the Secretary to the State Government in the Animal Husbandry and Fisheries Department; Member
(d) two members of the Executive Council nominated by the Vice-Chancellor; and Members
(e) the Finance Officer; Member-Secretary
(2) The Finance Committee shall advise the Executive Council on matters relating to the administration of property and funds of the University. It shall, having regard to the income and resources of, the University fix limits for the total recurring and non-recurring expenditure for the ensuing financial year and may, for any special reasons, revise during the financial year the limit of expenditure so fixed and the limits so fixed shall be binding on the Executive Council.
(3) The Finance Committee shall have such other powers and duties as may be conferred or imposed on it by this Adhiniyam or the Statutes.
(4) Unless a proposal having financial implication has been recommended by the Finance Committee, the Executive Council shall not take a decision thereon, and if the Executive Council disagrees with the recommendation of the Finance Committee, it shall refer the proposal back to the Finance Committee with reasons for the disagreement and if the Executive Council again disagrees with the recommendation of the Finance Committee the matter shall be referred to the Chancellor whose decision thereon shall be final.