Powers and functions of Finance Committee

The Finance Committee shall perform the following functions: (a) to examine the annual accounts and the annual budget estimates of the University and advise the Board of Management thereon; (b) to review the financial position of the University from time to time and make recommendations to the Board of Management; (c) to make recommendations to the Board of Management on all proposals involving expenditure for which no provision has been made in the budget; (d) to consider the annual accounts together with the audit report and submit to the Board of Management; (e) to recommend the creation of teaching and other posts to the Board of Management; (f) to oversee the investment of the funds of the University; (g) to perform such other functions as may be assigned by the Board of Management. (1) The Fund shall be applied for meeting the expenses of the University including the expenses incurred in the exercise of its powers and discharge of its functions. (2) The Fund shall be administered in such manner as may be prescribed. (3) The University may accept funds from the Government or any other source for the purposes of the University and such funds shall be credited to the Fund. (4) The University may invest its funds in such securities and in such manner as may be prescribed. (5) The University may maintain such accounts and other relevant records as may be prescribed. (6) The accounts of the University shall be audited annually by such authority as may be prescribed. (7) The annual accounts and audit report shall be submitted to the Government. (8) The University shall ensure that the funds are utilized for the purposes for which they are granted. (9) The University shall maintain a separate account for each grant or fund received by it. (10) The University shall ensure that the expenditure is incurred in accordance with the rules and regulations of the University. (11) The University shall ensure that the funds are not diverted for any other purpose than those specified. Subject to the provision of this Act, the Statutes may provide for all or any of the following matters, namely- (a) the constitution, powers and functions of the authorities and other bodies of the University, as may be found necessary to be constituted from time to time; (b) the selection and continuance in office of the members of the authorities and bodies of the University, the filling up of vacancies of members and all other matters relating thereto which the university may deem necessary or desirable to provide; (c) the appointing and disciplinary authorities for all Group employees teaching and non-teaching employees of the University; (d) the composition of Selection Committees for direct recruitment in respect of Group A (teaching and non-teaching) and other services for all Groups A, B and C teaching and non-teaching employees of the University; (e) terms and conditions for continuation of the teachers and other employees in the employment shall be such as may be prescribed; (f) the manner of appointment of the officers of the University, terms and conditions of their service, their powers and duties and emoluments; (g) the manner of appointment of the teachers of the University, other academic staff, and other employees and their emoluments; (h) the manner of appointment of teachers and other academic staff working in any other University/Industry for a specified period for undertaking a joint project, their terms and conditions of service and emoluments; (i) the terms and conditions of service of the teachers and other members of the academic staff appointed by the University; (j) the terms and conditions of other employees appointed by the University; (k) the constitution of the pension or the provident fund and the establishment of an insurance scheme for the benefit of the employees of the University; (l) the principles governing the seniority of employees of the University; (m) the procedure for any appeal by an employee or a student of the University; (n) conferment of honorary degrees; (o) institution of fellowships, scholarships, studentship, medals, prizes and other incentives; (p) maintenance of discipline among the employees of the University; (q) establishment of chairs, schools and institutions; (r) management, supervision and inspection of institutions and centers established and maintained by the University; (s) the delegation of powers vested in the authorities or the officers of the University; (t) all other matter which, by or under this Act, are to be, or may be, provided for by the Statutes; Subject to the provision of this Act, the Statutes may provide for all or any of the following matters, namely- (a) the constitution, powers and functions of the authorities and other bodies of the University, as may be found necessary to be constituted from time to time; (b) the selection and continuance in office of the members of the authorities and bodies of the University, the filling up of vacancies of members and all other matters relatingthereto which the university may deem necessary or desirable to provide; (c) the appointing and disciplinary authorities for all Group employees teaching and non-teaching employees of the University; (d) the composition of Selection Committees for direct recruitment in respect of Group A (teaching and non- teaching) and other services for all Groups A, B and C teaching and non-teaching employees ofthe University; (e) terms and conditions for continuation of the teachers and other employees in the employment shall be such as may be prescribed; (f)the manner of appointment of the officers of the University, terms and conditions of their service, their powers and duties and emoluments; (g) the manner of appointment of the teachers of the University, other academic staff, and other employees and their emoluments; (h) the manner of appointment of teachers and other academic staff working in any other University/Industry for a specified period for undertaking ajoint project, their terms and conditions of service and emoluments; (i) the terms and conditions of service of the teachers and other members of the academic staff appointed by the University; (j) the terms and conditions of other employees appointed by the University; (k) the constitution of the pension or the provident fund and the establishment of an insurance scheme for the benefit ofthe employees ofthe University; (1) the principles governing the seniority of employees ofthe University; (m) the procedure for any appeal by an employee or a student ofthe University; (n)conferment of honorary degrees; (o)institutionof fellowships, scholarships, studentship, medals, prizes and other incentives; (p)maintenance of discipline among the employees ofthe University; (q)establishment of chairs, schools and institutions; (r)management, supervision and inspection of institutions and centers established and maintained by the University; (s) the delegation of powers vested inthe authorities or the officers of the University; (t) all other matter which, by or under this Act, are to be, or may be, provided for by the Statutes;