21. Finance Committee. - [(1) The Finance Committee shall consist of he following members, namely:
(i)The Vice-Chancellor;(ii)Three persons nominated by Visitor;(iii)Two persons, who are not employees of the University, appointed by the Executive Council;(iv)Two Deans of Faculties by rotation according to seniority for a term of two years.](2)The Finance Officer shall be the Secretary of the Finance Committee.(3)[ Four members of the Finance Committee shall form the quorum.] [Substituted by Act No. 34 of 1969.](4)All members of the Finance Committee other than ex officio members, shall hold office for a term of three years.(5)The Vice Chancellor shall preside at meetings of the Finance Committee.(6)A member of the Finance Committee shall have the right to record a minute of dissents if he dissents from the other members.(7)The Finance Committee shall meet at least twice every year to examine accounts and to scrutinise proposals for expenditure.(8)The annual accounts and the budget of the University for the next financial year prepared by the Finance officer shall be laid before the Finance Committee for consideration and Comments and thereafter submitted to the Executive Council for approval with or without amendment.(9)The Finance Committee shall fix limits for total recurring expenditure and the total non-recurring expenditure for the year, based on the income and resources of the University which, in the case of productive works, may include the proceeds of loans; no expenditure shall be incurred by the University in excess of the limits so fixed.
