The Finance Officer

(1) The Finance Officer shall be appointed by the Executive Committee for a term of three years and on such other terms as may be prescribed by the Regulations. (2) The emoluments and other terms and conditions of service shall be such as may be prescribed by the Regulations: The Finance Officer shall retire on attaining the age of 60 years. (3) The Finance Officer shall,- (a) exercise general supervision over the funds of the institute and shall advise it as regards its financial policy; and (b) perform such other financial functions as may be assigned to him by the Executive Committee or as may be prescribed by these Statutes or Regulations. (4) Subject to the control of the Executive Committee, the Finance Officer shall,- (a) hold and manage the property and investments of the institute including trust and endowed property; (b) ensure that the limits fixed by the Executive Committee for recurring and non-recurring expenditure for a year are not exceeded and that all moneys are expended on the purpose for which they are granted or allotted; (c) be responsible for the preparation of annual accounts and the budget of the Constituent Institute and for their presentation to the Executive Committee; (d) arrange for the internal audit of the accounts annually by a Chartered Accountant; (e) keep a constant watch on the state of the cash and bank balances and on the state of investments; (f) watch the progress of the collection of revenue and advise on the methods of collection employed; (g) ensure that the register of buildings, land, furniture and equipment are maintained up-to-date and that stock-checking is conducted, of equipment and other consumable materials in all offices, Special Centers and Specialized laboratories. (5) The receipt of the Finance Officer for any money payable to the Constituent Institute shall be sufficient discharge for payment of such money.