The Finance Committee

(1) The Finance Committee constituted by the Executive Council shall consist of the following persons, namely :— (a) the Vice-Chancellor, Chairman; (b) the Secretary to Government of Punjab, Department of Finance, Member; and (c) three other members, to be nominated by the Executive Council from amongst its members of whom one shall be a Professor, Members. (2) The members of the Finance Committee, other than the Vice-Chancellor and Professor, shall hold office so long as they continue as members of the Executive Council. (3) The Finance Committee shall perform the following functions and duties, namely :— (i) to examine and scrutinize the annual budget of the University and to make recommendations on financial matters to the Executive Council; (ii) to consider all proposals for new expenditure and to make recommendations to the Executive Council; (iii) to consider the periodical statement of accounts and to review the finances of the University, from time to time; and to consider re-appropriation statements and audit reports and to make recommendations to the Executive Council; and (iv) to give its views and to make recommendations to the Executive Council on any financial question affecting the University either on its own initiative or on reference from the Executive Council or the Vice-Chancellor. (4) The meeting of the Finance Committee shall be called atleast thrice in every year. Atleast three members of the Finance Committee shall form the quorum. (5) The Vice-Chancellor shall preside over the meetings of the Finance Committee, and in his absence, a member, elected at the meeting, shall preside. In case of difference of opinion among the members, the opinion of the majority of the members present, shall prevail.