27. Subject to the other provisions of this Act, the powers and functions of the Finance Committee shall be,-
(i) to examine the annual accounts and annual budget estimates of the University and to advise the Board thereon;
(ii) to review from time to time the financial position of the University;
(iii) to make recommendations to the Board on all financial policy matters of the University;
(iv) to make recommendations to the Board on all proposals involving raising of funds, receipts and expenditure;
(v) to provide guidelines for investment of surplus funds;
(vi) to make recommendations to the Board on all proposals involving expenditure for which no provision has been made in the budget or for which expenditure in excess of the amount provided in the budget needs to be incurred;
(vii) to examine all proposals relating to the revision of pay-scales, upgradation of the scales and those items which are not included in the budget prior to placing before the Board; and
(viii) to exercise such other powers and perform such other functions as may be conferred or imposed upon it by the regulations.