Section 20 in Indraprastha Institute of Information Technology Delhi Act, 2007
20. Finance Committee.
(1)There shall be a Finance Committee constituted by the Board of Management consisting of the following:-(a)The Director;(b)Two other members nominated by the Board of Governors from amongst its members of whom one shall be a professor;(c)Such other members as may be prescribed by the Statutes;(2)The members of the Finance Committee other than the Director and professor, shall hold office so long as they continue as members of the Board of Governors;(3)The functions and duties of the Finance Committee shall be as follows:-(a)To examine and scrutinize the annual budget of the Institute and to make recommendations on financial matters to Board of Governors;(b)To consider all proposals for new expenditure and to make recommendations to the Board of Governors;(c)To consider the periodical statement of accounts and to review the finances of the Institute from time to time and to consider re-appropriation statements to the Board of Governors;(d)To give its views and to make recommendations to the Board of Governors on any financial question affecting the Institute either on its own initiative or on reference from the Board of Governors.(4)The Finance Committee shall meet, at least, four times in a year. Two members of the Finance Committee shall form the quorum at any meeting.(5)The Director shall preside over the meetings of the Finance Committee, and in his absence, a member elected at the meeting shall preside. In case of difference of opinion among the members, the opinion of the majority of the members present shall prevail.
