12. (1) There shall be a Finance Officer for the University, who shall be appointed by the State Government by notification and his remuneration and allowances shall be paid by the University.
(2) The Finance Officer shall be responsible for presenting the budget (annual estimates) and the statement of the account to the Executive Council and also for drawing and disbursing funds on behalf of the University.
(3)The Finance Officer shall have the right to speak in and otherwise to take part in the proceedings of the Executive Council but shall not be entitled to vote.
(4)The Finance Officer shall have the duty:
(a) to ensure that no expenditure, not authorized in the budget, is incurred by the University otherwise than by way investment;
(b) To disallow proposed expenditure which may contravenes the provisions of this Act or the terms of any regulations.
(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 the property and investments of the University are duly preserved and managed.
(5)The Finance Officer shall have access to and may require the production of such records and documents of the University and the 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 Finance Officer on behalf of the University.
(7)Other powers and functions of the Finance Officer shall be such as may be prescribed by the Regulations.