(1)The Finance Committee shall consist of the following members, namely:-(i)The Vice-Chancellor;(ii)The Secretary to Government, in-charge of Finance;(iii)The Secretary to Government, in-charge of Education;(iv)Three members nominated by the Syndicate from among its members of whom one shall be a Professor and one shall be a person nominated to the Syndicate by the Chancellor.(2)If for any reason the officer referred to in clause (ii) or clause (iii) of sub section (1) is unable to attend any meeting of the Finance Committee, he may depute any officer of the Department concerned not lower in rank than that of a Deputy Secretary to Government to attend such meeting. The officer so deputed shall have the right to take part in the discussions of the Committee and shall have the right to vote.(3)The Vice-Chancellor shall be the ex-officio Chairman and the Finance Officer shall be the ex-officio Secretary of the Finance Committee.(4)All the members of Finance Committee, other than the ex-officio members shall hold office for a period of three years.(5)The Finance Committee shall meet at least twice in every year to examine the accounts and to scrutinize proposals for expenditure.(6)The annual accounts of the University prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments and thereafter submitted to the Syndicate for approval.(7)The Finance Committee shall recommend limits for the total recurring expenditure and the total non-recurring expenditure for the year based on the income and resources of the University which, in the case of productive works, may include the proceeds of loans.(8)The Finance Committee shall-(a)review the financial position of the University, from time to time;(b)make recommendation to the Syndicate on every proposal involving investment or expenditure for which no provision has been made in the annual financial estimates or which involves expenditure in excess of the amount provided for in the annual financial estimates;(c)prescribe the methods and procedure and forms for maintaining the accounts of the University and colleges;(d)make recommendation to the Syndicate on all matters relating to the finances of the University; and(e)perform such other functions as may be prescribed.(9)The financial estimates of the University prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments. The said estimates, as modified by the Finance Committee, shall, then, be laid before the Syndicate for consideration. The Syndicate may accept the modifications made by the Finance Committee.
