Section 44 in The Nalanda Open University Act, 1995
44. The Finance Committee.
(1)The Finance Committee shall consist of the Vice-Chancellor as the Chairman, the Pro-Vice-Chancellor and an Officer of the State Government not below the rank of a Joint Secretary to be nominated by the State Government and four such other members as are not members of the Executive Council, to be elected by and from amongst the teachers of the University in the manner prescribed by the Statutes :Provided that until appointments of teachers are made, the Chancellor shall nominate teachers from other Universities in the State, who are not below the rank of Professor, to be the members of the Finance Committee.(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 election and shall include any further period which may elapse between the expiration of the said three years and the date of the next succeeding election not being an election to fill up any casual vacancy.(3)The Finance Committee shall-(a)advise the University on any question affecting its finance;(b)prepare the annual estimate of income and expenditure of the University including the estimates of the departments of the University and of the study centres recognised by it;(c)subject to Statutes, have power to scrutinise the estimates of the study centres;(d)subject to Statutes, have power to scrutinise every item of new expenditure not provided for in the Budget estimates of the University;(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 Executive Council.
