Finance Committee

26

1. (1) The Chancellor shall constitute a Finance Committee for the University, consisting of the following members, namely:-
   • (i) the Vice-Chancellor;
   • (ii) the Registrar;
   • (iii) the Finance Officer of the University;
   • (iv) Secretaries in charge of Medical Education and Ayush Departments, Government of Madhya Pradesh or their nominees not below the rank of Deputy Secretary;
   • (v) Secretary in charge of Finance Department, Government of Madhya Pradesh or his nominee not below the rank of Deputy Secretary.
2. (2) The Finance Committee shall control the finances of the University.
3. (3) Subjects to the provisions of this Act, the Statutes, Ordinances and Regulations made thereunder the Finance Committee shall exercise the powers and perform the functions as under:-
   • (a) to review income and expenditure of the University;
   • (b) to prepare the annual financial estimates of the University before the commencement of the financial year and place it before the Executive Council for approval and to advise amendment therein from time to time;
   • (c) to sanction proposals and take decisions on the income and expenditure of the University;
   • (d) to get the annual accounts and the annual audit of the University completed in time, and in the light of the audit report, order appropriate directions.
4. (4) Three members shall form the quorum out of which presence of Vice-Chancellor and one member either from clause
   • (iv) or
   • (v) of sub-section
5. (1) shall be essential.