Section 41 in The Global Open University (Nagaland) Act, 2006
41. Powers and functions of Finance Committee.
(1)The Finance Committee shall be responsible for the financial administration of the University and in doing so, shall take decisions subject to the approval of the Governing and Executive Councils. Finance Committee shall,-(i)examine and scrutinize the annual budget of the University and make recommendations on financial matters to the Executive Council;(ii)consider all proposals for new expenditure and make recommendations to the Executive Council;(iii)examine the annual accounts of the University and advise the Executive Council on matters pertaining to the annual accounts;(iv)review the financial position of the University from time to time;(v)make recommendations to the Executive Council on all financial matters relating to the University;(vi)make recommendations to the Executive Council on all proposals involving the raising of funds, receipts and expenditure; and(vii)scrutinize all proposals having financial implications presented to it by the officers, Councils and other authorites of the University and make recommendations in regard thereto.
