Constitution, powers and functions of Finance Committee

(1) The Finance Committee shall consist of the following members, namely:- (i) the Director, who shall be the Chairman; (ii) the Registrar; (iii) one member of the Executive Council, to be nominated by the President; (iv) a person who is expert in finance and management, to be nominated by the Chairman in consultation with the President; (v) any other person that the President in consultation with the Director deems fit; (vi) the Finance Officer of the University, who shall be the member-secretary of the Committee. (2) The term of office of the members other than the ex-officio member shall be three years. (3) The Finance Committee shall exercise the following powers and perform the following functions, namely:- (i) to examine the annual accounts and annual budget estimates of the University and advise the Executive Committee thereon; (ii) to review the financial position of the University from time to time; (iii) to make recommendations to the Executive Council on all financial policy matters of the University; (iv) to make recommendations to the Executive Councilon all proposals involving raising of funds, receipts and expenditure; (v) to provide guidelines for investment of surplus funds; (vi) to make recommendations to the Executive Council on all proposals involving expenditure for which no provision has been made in the budget or for which expenditure in excess of the amount provided in the budget has been incurred; (vii) to examine all proposals relating to revision of scale, up gradation of the scale and those items which are not included in the budget, before they are placed before the Executive council; (viii) to exercise such other powers and perform such other functions as may be conferred or imposed upon it by the regulations; (ix) to consider and approve plans of financial development of the University. (4) A member of the Finance Committee shall cease to be a member, if he- (i) tenders his resignation and such resignation is accepted; or (ii) becomes of unsound mind and stands so declared by a competent court; or (iii) becomes insolvent; or (iv) has been convinced of an offence involving moral turpitude. (5) A member of the Finance Committee may, by writing addressed to the Chairman of Executive Council, resign his office and such resignation shall take effect on the date it is accepted by the Chairman.