Section 47 in Bihar State Universities (Patna, University of Bihar, Bhagalpur and Ranchi) Act, 1960
47. The Finance Committee.
(1)The Finance Committee shall consist of the Treasurer as the Chairman, an officer of the State Government not below the rank of a Deputy Secretary and four other members not being members of the Syndicate appointed by the Chancellor out of a panel of eight persons recommended by the Syndicate.(2)The term of office of members other than the ex-officio members shall be for a period of three years with effect from the respective dates of their appointment and shall include any further period which may elapse between the expiration of the said three years and the date of the next succeeding appointment, not being an appointment to fill up any casual vacancy under section 53.(3)The Finance Committee shall -(a)Advise the University on any question affecting its finances ;(b)Prepare the annual estimates of income and expenditure of the University including the estimates of the departments of the University and of the colleges maintained by it ;(c)Subject to Statutes, have power to scrutinise the estimates of the colleges ;(d)Subject to Statutes have power to scrutinise every item of new expenditure not provided in the budget estimates of the University and the colleges ;(e)Be responsible for the strict observance of the Statutes relating to the maintenance of accounts of income and expenditure of the University ; and(f)Discharge such other functions of financial nature as may, from time to time, be prescribed by the Statutes or entrusted to it by the Senate or the Syndicate.
