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Union of India - Section

Section 10 in The First Statutes of the National Institutes of Technology

10. Finance Committee.

(1)There shall be a Finance Committee for each Institute consisting of the following members, namely:-
(i)the Chairperson Board of Governors, ex-officio Chairman;
(ii)the Director, ex-officio member;
(iii)Joint Secretary dealing with National Institutes of Technology or his nominee and Financial Advisor (Human Resource Development) or his nominee members;
(iv)two persons nominated by the Board from amongst its members; and
(v)[ the Registrar, ex-officio, Member-Secretary: [Substituted by Notification No. S.O. 947(E), dated 21.7.2017 (w.e.f. 23.4.2009).]
Provided that in addition to the above, the Chairman may invite an expert as special invitee, however, the special invitee may not have voting rights;
(2)All financial proposals shall be placed before the Finance Committee prior to being placed before the Board for consideration and approval;
(3)The Finance Committee shall meet ordinarily four times in a year preferably before the meeting of the Board of Governors;
(4)Four Members of the Finance Committee shall form a quorum for a meeting of the Finance Committee;
(5)The Chairman, shall preside over the meetings of the Finance Committee and in his absence, the Director shall preside over the meetings;
(6)The provisions in these First 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 practicable may be, followed in connection with the meetings of the Finance Committee;
(7)A copy of the minutes of every meeting of the Finance Committee shall be placed before the Board;]
(v) the Registrar, ex-officio, Member-Secretary:Provided that in addition to the above, the Chairman may, in consultation with the Director, co-opt a member as and when found necessary.(2) The Finance Committee shall meet ordinarily four times in a year preferably before the meeting of the Board of Governors.(3) Three members of the Finance Committee shall form a quorum for a meeting of the Finance Committee.(4) The Chairman, shall preside over the meetings of the Finance Committee and in his absence, the Director shall preside over the meetings.(5) The provisions in these First 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 practicable may be, followed in connection with the meetings of the Finance Committee.(6) A copy of the minutes of every meeting of the Finance Committee shall be placed before the Board.(7) All financial proposals shall be placed before the Finance Committee prior to being placed before the Board for consideration and approval.