Insertion of Section 13

In the principal Act, after Section 12, the following section shall be inserted, namely:─ “13. Finance Committee

1. (1) The composition of the Finance committee shall be,─ Ex officio members:
   • (a) the Vice Chancellor – Chairperson;
   • (b) the Representative of Finance Department not below the rank of Deputy Secretary;
   • (c) the Representative of General Administration and Public Grievance Department not below the rank of Deputy Secretary;
   • (d) the Secretary to Government in Higher Education Department or any officer not below the rank of Deputy Secretary nominated by him;
   • (e) The Representative of Law Department not below the rank of Deputy Secretary;
   • (f) the Registrar;
   • (g) the Comptroller of Finance - shall be the Member Secretary Other members:
   • (h) Three members to be nominated by the Syndicate out of whom at least one shall be member of syndicate; and
     • (i) one person to be nominated by the Senate.
2. (2) The Vice-Chancellor shall preside over all the meetings and in his absence, the members present shall elect a chairperson to preside over such meetings;
3. (3) The quorum of the meeting shall consist of five members out of which one member specified at clause
   • (b) and
   • (e) is a must be present.
4. (4) All members of Finance Committee, other than the ex officio members, shall hold office for a period of three years.
5. (5) The Finance Committee shall primarily ensure that the general system of financial management in the University is made as per the provisions contained in the General Financial Rules or any other provision of the State Government in this regard and the Delegation of Financial Power Rules of the State or other relevant provisions of the Government in this regard in the State for all the funds of the University.
6. (6) The Finance Committee shall meet at least four times in an academic year (at least twice each semester) to examine the accounts, all issues related to Legal matters, scrutinize the proposals for expenditure, audit, all human resource management issues having financial impact and those items which have not been included in the budget.
7. (7) All the audit reports of the University and their compliances shall be assessed by the Finance Committee and furnish their recommendation to the Syndicate.
8. (8) All the proceedings of the Finance Committee, annual accounts, financial estimates, views on audit reports and compliances prepared by the Finance Committee shall be placed before the syndicate for consideration and approval.
9. (9) The Finance Committee shall recommend limits for the total recurring expenditure and the total non-recurring expenditure for the year, based on the income and resources of the University.