Finance Committee

[28A. Finance Committee.—(1) There shall be a Finance Committee consisting of the following members, namely:—

1. (i) The Vice-Chancellor, Ex-officio Chairman;
2. (ii) Two persons nominated by the Board from amongst its members;
3. (iii) The Secretary to the Government of Karnataka, Agriculture and Horticulture Department or his nominee not below the rank of a Joint Secretary;
4. (iv) The Secretary to the Government of Karnataka, Finance Department or his nominee not below the rank of a Joint Secretary. The Comptroller of the University shall be the Ex-officio, Secretary of the Committee;

1. (2) The Finance Committee shall perform the following functions, namely:—
   • (i) scrutinise the annual budget estimates and make its recommendations to the Board;
   • (ii) conduct the general examinations of the accounts of the University review the yearly audit reports and make its recommendations thereon;
   • (iii) examine all proposals of the University involving expenditure for which no provision is made in the budget or involving expenditure in excess of the amount provided for in the budget;
   • (iv) such other functions as may be prescribed by the Statutes.
2. (3) Notwithstanding anything in the preceding sub-section, the Vice-Chancellor may, in case of urgency and for reasons to be recorded in writing, incur any expenditure not exceeding rupees ten thousand in any one case for which no provision is made in the budget or which is in excess of the provisions made in the budget without reference to the Finance Committee, but such expenditure shall be reported at the next earliest meeting of the Finance Committee.]