Section 7 in The first statutes of the Indian Institute of Technology (Indian School of Mines), Dhanbad, 2017
7. Finance Committee.
(1)The Finance Committee, shall be an authority of the Institute within the meaning of section 10 of the Act and it shall consist of the following members, namely:-(a)the Chairman, ex officio, who shall be the Chairman of the Finance Committee;(b)two persons nominated by the Central Government;(c)three persons nominated by the Board, and(d)the Director.(2)(a)The term of office of a member nominated under clauses (b) and (c) of sub-statute (1) above shall be three years from the 1st day of January of the year in which he is nominated.(b)The term of office of a member nominated to fill a casual vacancy shall continue for the remainder of the term of the member in whose place he has been nominated.(3)The Finance Committee shall perform the following functions, namely:-(a)to examine and scrutinise the annual budget of the Institute prepared by the Director and make recommendations to the Board;(b)to give its views and make its recommendations to the Board either on the initiative of the Board or of the Director, or on its own initiative of any financial question affecting the Institute;(c)to consider and make its recommendations to the Board on all such matters connected with the Institute as have financial implications.(4)The Finance Committee shall meet as often as may be necessary but at least twice a year.(5)Three members of the Finance Committee shall form a quorum for a meeting of the Finance Committee.(6)The Chairman, if present, shall preside at the meeting of the Finance Committee and in his absence, the members present shall elect one from amongst themselves to preside at the meeting.(7)The provisions in the above Statutes regarding notices of the meeting, inclusion of items in the agenda and confirmation of the minutes applicable to the meetings of the Board shall, so far as may be, be applicable in connection with the meetings of the Finance Committee.(8)A copy of the minutes of every meeting of the Finance Committee shall be sent to the Board.(9)In emergent cases, the Chairman may exercise the powers of the Finance Committee and report the action taken by him at the next meeting of the Finance Committee for its approval.
