Section 31 in Tamil Nadu National Law School Act, 2012
31. Finance Committee.
(1)The Finance Committee shall consist of the following members, namely : -(a)The Vice-Chancellor;(b)The Secretary to Government in-charge of Finance;(c)The Secretary to Government in-charge of Law; and(d)A member of the Southern India Regional Council of the Institute of Chartered Accountants of India, nominated by the Executive Council.(2)If for any reason, any officer referred to in clause (b) or clause (c) of sub-section (1) is unable to attend any meeting of the Finance Committee, he may depute an officer of his department not lower in rank than that of a Deputy Secretary to Government to attend such meeting. The officer so deputed shall have the right to take part in the discussion of the Finance Committee and shall have the right to vote.(3)The Vice-Chancellor shall be the ex-officio Chairman and the Finance Officer shall be the ex-officio Secretary to the Finance Committee.(4)The member nominated to the Finance Committee by the Executive Council under clause (d) of sub-section (1) shall hold office for a period of three years.(5)The annual accounts of the School 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.(6)The financial estimates of the School prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments. The said estimates as modified by Finance Committee shall then be laid before the Executive Council for consideration. The Executive Council may approve finance estimates with such modifications, as it deems fit.(7)The Finance Committee shall recommend limits for the recurring expenditure and the total non-recurring expenditure for the year based on the income and resources of the School which in the case of productive works may include the proceeds of loans.(8)The Finance Committee shall -(a)meet at least once in three months to examine the accounts and to scrutinise proposals for expenditure;(b)review the financial position of the School from time to time;(c)make recommendation to the Executive Council on every proposal involving investment or expenditure for which no provision has been made in the annual financial estimates or which involves expenditure in excess of the amount provided for in the annual financial estimates;(d)prescribe the methods and procedure and forms for maintaining the accounts of the School;(e)make recommendation to the Executive Council on all matters relating to the finances of the School; and(f)perform such other functions as may be prescribed by the regulations.
