Section 26 in Indian Institute of Teacher Education, Gujarat Act, 2010
26. Powers and functions of Finance Committee.
(1)The Finance Committee shall have the following powers and functions, namely :-(a)to examine and scrutinize the annual budget of the University and to make recommendations on financial matters to the Executive Council;(b)to consider all proposals for new expenditure and to make recommendations to the executive council;(c)to consider periodical statement of accounts and to review the finances of the University from time to time, to consider annual accounts and balance sheet of the University and audited statements and audit reports, and to make recommendations thereon to the Executive Council;(d)to advise and to make recommendations to the Executive Council on any financial matters affecting the University, either on its own motion or on reference from the Executive Council.(2)The Finance Committee shall meet at least once in every' six months. Three members of the Finance Committee shall form the quorum for a meeting.(3)The Vice-Chancellor shall preside at the meetings of the Finance Committee.(4)The annual report of the University shall be prepared under the direction of the Finance Committee and shall be submitted along with its comments to the Executive Council on or before such date as may be prescribed and shall be considered by the Executive Council at its annual meeting.
