(1)There shall be a Finance Committee consisting of -(i)the Vice-Chancellor-cc-officio Chairman(ii)one person nominated by the State Government;(iii)two Deans of Faculties nominated by the Academic Council(iv)three persons nominated by the Executive Council, from amongst its members(v)two persons nominated by the Senate, from amongst its members(vi)the Registrar ; and(vii)the Finance Officer"ex-officio Secretary.(2)The quorum for constituting a meeting of the Finance Committee shall be five members.(3)All members of the Committee, other than cc-officio members, shall hold office for a term of three years.(4)The Committee shall meet at least twice every year to examine the accounts, the progress of expenditure and all new proposals involving fresh expenditure in the light of the provisions available.(5)The annual statement of accounts and the financial estimates of the University, prepared by the Finance Officer shall be laid before the Committee for consideration and recommendations and for submission thereafter to the Executive Council for such action as it thinks fit.(6)The Committee shall recommend to the Executive Council the limits for the total recurring and non-recurring expenditure for the year, based on the income and resources of the University, including the proceeds of loans given for productive works.(7)The Committee shall take necessary steps to have the University accounts audited by auditor appointed by the Senate.(8)The other powers and duties of the Committee and the procedure at its meetings shall be as prescribed.
