(1)The Finance Officer shall be a whole-time salaried officer appointed by the Executive Council [either by nomination or by obtaining the services of a suitable officer on deputation from the Government of India or the State Government] [These words were added by Maharashtra 32 of 1978, section 5(a).],(2)[ Appointment of a person as the Finance Officer by nomination shall be made by the Executive Council on the recommendation of a Selection Committee constituted for the purpose. The appointment shall be for such period and on such terms and conditions as the Executive Council may determine.] [Sub-section (2) was substituted for the original, by Maharashtra 32 of 1978, section 5(a)., section 5(b).](2A)[ When any Government Officer is appointed as the Finance Officer on deputation, all expenditure on account of the remuneration, pension or provident fund contribution, leave allowance and other allowances and facilities, which may be admissible to him, shall be met from the University Fund.] [Sub-section (2A) was inserted, by Maharashtra 32 of 1978, section 5(a)., section 5(c).](3)When the office of the Finance Officer falls vacant, or when the Finance Officer is, by reason of illness, or absence or any other cause, unable to perform the duties of his office, such duties shall be performed for the time being, for a period not exceeding six months or until a Finance Officer is duly appointed, whichever is earlier, by such person as the Vice-Chancellor may appoint for the purpose.(4)The Finance Officer shall assist the Registrar and be under the general control of the Registrar. In the exercise of his powers and performance of his duties, the Finance Officer shall -(a)exercise general supervision over the funds of the University, and shall advise the University as regards its financial policy;(b)hold and manage the property and investments, including trust and endowed property, for furthering any of the objects of the University;(c)ensure that the limits fixed by the Finance Committee for recurring and non-recurring expenditure for a year are not exceeded, and that all moneys are expended for the purposes for which they are granted or allotted;(d)be responsible for the preparation of the annual accounts and the Budget of the University for the next financial year, and for their presentation to the Executive Council;(e)keep a watch on the state of cash and bank balances, and of investments;(f)watch the progress of collection of revenue and advise on the methods of collection employed;(g)have the accounts of the University regularly audited;(h)ensure that the registers of buildings, land and equipment are maintained up-to-date, and that the stock checking of equipment and other consumable material in all offices, colleges, workshops and stores is conducted regularly;(i)propose to the Executive Council, through the Registrar, the explanation be called for unauthorised expenditure or other financial irregularities in any particular case, and recommend disciplinary action against the persons at fault;(j)call, from any office, centre, laboratory, college or institution under the control of the University, for any information and returns that he thinks necessary for the proper discharge of his financial responsibilities; and(k)exercise such other powers, perform such other duties, and discharge such other financial functions as are assigned to him by the Executive Council or prescribed by the Statutes.
