Section 44(3) in The Nalanda Open University Act, 1995
(3)The Finance Committee shall-(a)advise the University on any question affecting its finance;(b)prepare the annual estimate of income and expenditure of the University including the estimates of the departments of the University and of the study centres recognised by it;(c)subject to Statutes, have power to scrutinise the estimates of the study centres;(d)subject to Statutes, have power to scrutinise every item of new expenditure not provided for in the Budget estimates of the University;(e)be responsible for the strict observance of the Statutes relating to the maintenance of accounts of income and expenditure of the University; and(f)discharge such other functions of financial nature as may from time to time, be prescribed by the Statutes or entrusted to it by the Executive Council.
