(b)that, for the college for which affiliation is sought, a separate local managing committee shall be constituted by the Management, which shall consist of not less than seven and not more than fifteen members, of whom the Principal shall be one (who shall also be the Secretary of such Committee), two shall be other teachers in the college elected by such teachers from amongst themselves and one shall be an employee (not being a teacher) in the college elected by such employees from amongst themselves. The members so elected shall hold office for a term of three years from the date of their election. The local managing committee shall keep true and proper accounts of the income and expenditure of the college, and shall have such other duties and functions as may be assigned to it by the Management.