Powers and duties of Finance Committee.

(1) The Finance Committee shall have the following powers and duties, namely:— (a) to examine the annual accounts of the University and to advise the Board thereon; (b) to examine the annual budget estimates and to advise the Board thereon; (c) to review the financial position of the University from time to time; (d) to make recommendation to the University on all matters relating to the finances of the University; and (e) to make recommendation to the Board on all proposals involving expenditure for which no provision has been made in the budget or which involves expenditure in excess of the amount provided in the budget. (2) The accounts and the balance sheet shall be submitted by the Vice-Chancellor through the Board to the State Government, which shall cause them to be audited by the Examiner, Local Fund Accounts. (3) The accounts, when audited, shall be printed and copies thereof together with audit report, shall be submitted by the Vice-Chancellor to the Board, which shall forward them to the State Government with such comments, as it may deem fit.