(1) There shall be constituted a Finance Committee which shall be a sub-Committee of the Executive Council with the following as members, namely:-
(a) Vice-chancellor (Chairperson);
(b) Two (02) members of the Executive Council nominated by it;
(c) One (01) member of the Executive Council to represent Banking or Accounting.
(2) The Finance Officer shall be the Secretary of the Finance Committee.
41. The Finance Committee shall have the following duties and powers, namely:
(1) to examine the annual accounts of the University and to advise the Executive Council thereon.
(2) to examine the annual budget estimates and advice the Executive Council thereon.
(3) to review the financial position of the University from time to time.
Constitution of other funds.
Finance Committee.
Duties and powers of the Finance Committee.
[Act No.13 of 2024] 35
(4) to make recommendations to the Executive Council on all matters relating to the finances of the University.
(5) to make recommendation to the Executive Council on all proposals involving expenditure for which no provision has been made in the budget, or which involve expenditure in excess of the amount provided in the Budget.
42. The University may accept funds from the Government of India, the State Government, Government promoted Institutions and Autonomous Bodies, the University Grants Commission, and borrow money from a Bank, or a Corporation, for the purposes of the University.
43. The University would function in a public-private partnership mode with significant financial contribution from industry and also implement courses on an end-to-end basis by either industry or industry-led bodies. Appropriate revenue sharing models would be developed as per established practices. Grants, loans and any purpose- linked funding would be accepted by the University. Financial assistance as part of institutional tie ups, multilateral assistance and from national & international donors would be accepted by the University.