The Finance Committee

(1) The Finance Committee shall consist of the following:-- (i) The Vice-Chancellor. (ii) A Pro Vice-Chancellor nominated by the Vice-Chancellor. (iii) The Secretary in the Department of Finance of the Government or his nominee not below the rank of Additional Secretary. (iv) The Secretary in the Department of Education of the Government or his nominee not below the rank of Additional Secretary. (v) One person to be appointed by the Board of Management from its members other than an employee of the University, college or institution. (vi) Two persons to be nominated by the Chancellor. (2) The Controller of Finance shall be the ex-officio non-member Secretary of the Finance Committee. (3) A member of the Finance Committee, other than the Vice-Chancellor, shall hold office for a term of three years from the date on which he becomes a member of the Committee. (4) Four members of the Finance Committee shall from a quorum for a meeting of the Committee. (5) The Finance Committee shall meet at least thrice a year to examine the accounts and scrutinize the expenditure statement prepared by the Controller of Finance. (6) All proposals relating to revision of grades, upgradation of the pay-scales and those items which are not included in the budget, shall be examined by the Finance Committee before they are considered by the Board of Management. (7) The annual accounts and the financial estimates of the University prepared by the Controller of Finance shall be laid before the Finance Committee for approval and thereafter submitted to the Board of Management within the overall ceiling fixed by the Committee. (8) The Finance Committee shall fix the limits for the total recurring and non-recurring expenditure for the year, based on income and resources of the University, and no expenditure shall be incurred by the University in excess of the limits so fixed, without the approval of the Finance Committee.