Section 15 in National Academy of Legal Studies and Research University Act, 1998
15. Finance Committee.
(1)There shall be a Finance Committee constituted by the Executive Council consisting of the following :(a)the Vice [Chancellor] [Substituted by Act 7 of 2005.];(b)the Registrar; and(c)three members nominated by the Executive Council from amongst its members out of whom atleast one shall be from those nominated by the Chancellor and one from among them nominated by the Government of Andhra Pradesh.(2)The members of the Finance Committee other than the Vice-[Chancellor] [Substituted by Act 7 of 2005.] and Registrar, shall hold office so long as they continue as members of the Executive Council.(3)The functions and duties of the Finance Committee shall be as follows:(a)to examine and scrutinise the annual budget of the University and to make recommendations on financial matters to the Executive Council;(b)to consider all proposals for new expenditure and to make recommendations to the Executive Council;(c)to consider the periodical statement of accounts and to review the finances of the University from time to time and to consider re-appropriation statements and audit reports and to make recommendations to the Executive Council;(d)to give its views and to make recommendations to the Executive Council on any financial question affecting the University either on its own initiative or on reference from the Executive Council or the Vice-Chancellor.(4)The Finance Committee shall meet atleast thrice in every year.Three members of the Finance Committee shall form the quorum.(5)The Vice-Chancellor shall preside over the meetings of the Finance Committee, and in his absence, the Registrar shall preside. In case of difference of opinion among the members, the opinion of the majority of the members present shall prevail.
