Section 17 in The Chanakya National Law University Act, 2006
17. Finance Committee.
(1)Finance Committee shall be constituted by the Executive Council consisting of the following:-(a)The Vice-Chancellor;(b)The Registrar;(c)Commissioner-cum-Secretary, Human Resource Development Department, Bihar; and(d)Two other members nominated by the Executive Council from amongst its members, of whom one shall be a Professor.(2)The nominated members of the Finance Committee shall hold office so long as they continue as members of the Executive Council.(3)The Powers and functions of the Finance Committee shall be as follows:-(a)to examine and scrutinize the annual budget of the University and to make recommendations on financial matters to the Executive Council;(b)to consider all proposals for new expenditure and to make recommendations to the Executive Council;(c)to consider the periodical statement of accounts and to review the finances of the University from time to time and to consider re-appropriation statements and audit reports and to make recommendations to the Executive Council;(d)to give its views and to make recommendations to the Executive Council on any financial question affecting the University either on its own initiative or on reference from the Executive Council or the Vice-Chancellor.(4)The Finance Committee shall meet at least thrice in every year. Presence of three members of the Finance Committee shall form the quorum of the meeting.(5)The Vice-Chancellor shall preside over the meetings of the Finance Committee, and in his absence, the Registrar shall preside. In case of difference of opinion among the members, the opinion of the majority of the members present shall prevail.
