Section 20(1) in The Maharashtra Universities Act, 1994
(1)(a)The Finance and Accounts Officer shall be the principal finance, accounts and audit officer of the university. He shall be full-time salaried officer and shall work directly under the control of the Vice-Chancellor;(b)The [Finance and Accounts Officer] [These words were substituted for the words 'Finance Officer' by Maharashtra 55 of 2000, section 16(a)(i).] shall be appointed by the Management Council either by nomination or by obtaining the services of a suitable officer on deputation from the Government of India or the State Government.(c)[ The appointment of the Finance and Accounts Officer shall be for a term of a five years if appointed by nomination and he shall be eligible for re-appointment for only one more term of five years.] [This clause was added by Maharashtra 55 of 2000, section 16(a)(ii).]
