(1)The Finance Commission, hereinafter in this section referred to as the "Commission", shall consist of the following members to be selected in such manner as may be prescribed -(a)a chairperson from amongst persons who have had experience in public affairs; and(b)such number of other members not exceeding four as the State Government may determine from time to time amongst person who -(i)have special knowledge of the finace and accounts of the Government; or(ii)have had wide experience in financial matters and in administration; or(iii)have special knowledge of functioning of the Panchayati Raj Institution and Municipal Bodies; or(iv)have been closely associated with preparation and/or implementation of rural and urban development programmer.(2)A person shall be disqualified for being appointed as, or for being a member of the Commission-(a)if he is of unsound mind;(b)if he is an discharged insolvent;(c)if he has been convicted of an offence involving moral turpitude;(d)if he has such financial or other interest as is likely to effect prejudicially his functions as a member of the Commission.(3)The term of office of members and eligibility for re-appointment shall be as follows: -(i)every member of the Commission shall hold office for such period as may be specified in the order of the Government appointing him, but shall be eligible for re-appointment;(ii)a member of the Commission may resign his office by a letter written under his hand and addressed to the Government but he shall continue in office until his resignation is accepted by the Government; and(iii)the casual vacancy caused by the resignation of a member under Clause(ii) or for any other reason may be filled in by fresh appointment and a member so appointed shall hold office only for the remainder of period for which the member in whose place he is appointed would have held office.(4)the member of the Commission shall render whole-time or part-time service to the Commission as the Government may in each case specify and there shall be paid to them such fees or salaries and such allowances as the Government may, by rules made in this behalf, prescribe.(5)The Commission shall determine their procedure and in the performance of their functions shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908(Act, V of 1908) while trying a suit in respect of the following matters, namely: -(a)summoning and enforcing the attendance of witnesses;(b)requiring the discovery and production of any document;(c)requisitioning any public record from any Court or office;(d)receiving evidence on affidavits;(e)issuing commissions for the examination of witnesses and documents; and(f)any other matter which may be prescribed.(6)The Commission shall have power to require any person to furnish information on such points or matters as in the opinion of the Commission may be useful for, or relevant, to any matter under the consideration of the Commission and any person so required shall, notwithstanding anything contained in any other law for the time being in force, be deemed to be legally bound to furnish such information within the meaning of Section 176. of the Indian Penal Code.(7)The Commission shall be deemed to be a Civil Court for the purposes of Secs. 345 and 346 of the Code Criminal Procedure, 1973 (Act 2 of 1974).(8)The Government shall provide the Commission with such offices and employees as may be necessary for the performance of the functions of the Commission.(9)The salaries and allowances payable to and the other terms and conditions of service of the officers and other employees appointed for the purposes of the Commission shall be such as may be prescribed.
