(1)There shall be constituted a Finance Committee which shall be a sub-Committee of the [Executive Council] [Throughout the Act for the words 'Board of Management' the words 'Executive Council' substituted by Act No.13 of 1995.] with the following as members, namely:-(a)Vice-chancellor (Chairman);(b)two members of the [Executive Council] [Throughout the Act for the words 'Board of Management' the words 'Executive Council' substituted by Act No.13 of 1995.] nominated by it;(c)one member of the [Executive Council] [Throughout the Act for the words 'Board of Management' the words 'Executive Council' substituted by Act No.13 of 1995.] to represent Banking or Accounting;The Finance Officer shall be the Secretary of the Finance Committee.(2)The Finance Committee shall have the following duties and powers, namely:-(a)to examine the annual accounts of the University and to advise the [Executive Council] [Throughout the Act for the words 'Board of Management' the words 'Executive Council' substituted by Act No.13 of 1995.] thereon;(b)to examine the annual budget estimates and advice the [Executive Council] [Throughout the Act for the words 'Board of Management' the words 'Executive Council' substituted by Act No.13 of 1995.] thereon;(c)to review the financial position of the University from time to time;(d)to make recommendations to the [Executive Council] [Throughout the Act for the words 'Board of Management' the words 'Executive Council' substituted by Act No.13 of 1995.] on all matters relating to the finances of the University;(e)to make recommendation to the [Executive Council] [Throughout the Act for the words 'Board of Management' the words 'Executive Council' substituted by Act No.13 of 1995.] on all proposals involving expenditure for which no provision has been made in the budget, or which involve expenditure in excess of the amount provided in the Budget.
