Amendment status not verified — confirm the current text below against the official source.
1[(1) There shall be constituted a Finance Committee which shall be a sub- committee of the *[Executive Council] with the following as members, namely:— (a) the Vice-Chancellor (Chairman); (b) two members of the *[Executive Council] nominated by it; (c) one member of the *[Executive Council] to represent Banking or Accounting. (2) The Finance Officer shall be the Secretary of the Finance Committee.] (3) 2[XXXX] (4) The Finance Committee shall meet atleast twice in every year to examine the accounts and to scrutinize proposals for expenditure. (5) The annual accounts of the University prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments and thereafter submitted to the *[Executive Council] for approval. (6)The Finance Committee shall recommend limits for total recurring expenditure and the total non-recurring expenditure for the year based on the income and resources of the University which in the case of productive works may include the proceeds of loans. (7) The Finance Committee shall,- (a) review the financial position of the University from time to time; (b) make recommendation to the *[Executive Council] on every proposal involving investment or expenditure for which no provision has been made in the annual financial estimates or which involves expenditure in excess of the amount provided for in the annual financial estimates; (c) prescribe the methods and procedure and forms for maintaining the accounts of the University; (d) make recommendation to the *[Executive Council] on all matters relating to the finances of the University; (e) perform such other functions as may be prescribed. (8) The Financial estimates of the University prepared by the Financial Officer shall be laid before the Finance Committee for consideration and comments. The said estimates, as modified by the Finance Committee, shall