(1) There shall be a Finance Officer for the Institute, who shall be appointed by the State Government, and his remuneration and allowances, if any, shall be paid by the Institute.
(2) The Finance Officer shall be responsible for presenting the budget and statement of accounts to the Governing Body.
(3) The Finance Officer shall have the duty
(a) to ensure that no expenditure not authorised in the budget is incurred by the Institute;
(b) to disallow any proposed expenditure which may contravene the provisions of this Act or the rules made thereunder;
(c) to ensure that no financial irregularity is committed and to take steps to set right any irregularity pointed out during audit;
(d) to ensure that the property and investments of the Institute are duly preserved and managed.
(4) The Finance Officer may require the production of such records and documents of the Institute and the furnishing of such information pertaining to its affairs, as in his opinion may be necessary for the discharge of his duties.
(5) All contracts shall be executed and signed by the Finance Officer on behalf of the Institute.
(6) The Finance Officer shall have such other powers and functions as may be prescribed.
(7) The Finance Officer shall be subject to the administrative control of the Director.