Finance Committee

27. (1) The Kuladhipati shall constitute a Finance Committee for the Vishwavidyalaya consisting of the following members, namely :— (i) Kulpati; (ii) Registrar of the Vishwavidyalaya; (iii) Finance officer of the Vishwavidyalaya; (iv) Secretary incharge of Manpower Planning Department, Government of Madhya Pradesh or his nominee not below the rank of deputy Secretary; (v) Secretary incharge of Finance Department, Government of Madhya Pradesh or his nominee not below the rank of Deputy Secretary. (2) The finance Committee shall control the Finances of the Vishwavidyalaya; (3) Subject to the provisions of this Act and the Statutes, Ordinances and Regulations made thereunder, the Finance Committee shall exercise the powers and perform the functions as under :— (a) to review the Income and Expenditure of the Vishwavidyalaya; (b) to prepare the Annual Financial Estimates of the Vishwavidyalaya 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 Vishwavidyalaya; (d) to get the annual accounts and the annual audit of the Vishwavidyalaya completed in time and, in the light of the report, order appropriate directions. (4) Three members shall form the quorum out of which presence of Kulpati and one member either from clause (iv) or (v) of sub-section (1) shall be essential.