Section 13 in First Statutes of Team Lease Skills University
13. Constitution, Powers and Functions of the Finance Committee.
(a)Constitution:(i)The Finance Committee of the University shall consist of the following members(1)The President;(2)The Provost;(3)One Dean/Professor nominated by the President;(4)One person nominated by Board of Management;(5)The Registrar; and(6)The Chief Finance and Accounts Officer (Member Secretary)(ii)The President shall be Chairperson of the Finance Committee:Provided that President may nominate a member of the Board of Management to be the Chairperson during his/her absence;(iii)The term of nominated members shall be three years from the date of nomination;(iv)The Finance Committee shall meet at least four times a year to examine the accounts and scrutinize the expenditure;(v)Three members of the Finance Committee shall form a quorum for the meeting;(b)Powers and Functions:Subject to the Provisions of the Act, Statutes and Ordinances, and the control and supervision of the Governing Body and the Board of Management, the Finance Committee will administer and execute the following powers and functions:(i)To scrutinize the annual accounts and the financial estimates of the University;(ii)To review the financial position of the University from time to time and recommend to the Board of Management regarding any action to be taken;(iii)To make recommendations to the Board of Management on all proposals involving raising of funds, receipts and expenditure;(iv)To provide guidelines for investment of surplus funds;(v)To make recommendations to the Board of Management on all proposals involving expenditure for which no provision has been made in the budget or for which expenditure has been incurred in excess of the amount provided in the budget;(vi)To consider all proposals relating to revision of grades, enhancement of pay-scales and those items which are not included in the budget;(vii)To fix the limits for the total recurring and non-recurring expenditure for the year based on income and resources of the University, and to ensure that no expenditure is incurred by the University in excess of the limits so fixed;(viii)To exercise such other powers and perform such other functions as may be conferred or imposed upon it by the Act, Statutes and Ordinances, Governing Body, Board of Management, President and Provost;
