Amendment status not verified — confirm the current text below against the official source.
Finance Committee.— (1) The Finance Committee shall consist of the following members, namely: — (i) the Vice-Chancellor; (ii) three persons nominated by the Executive Council, out of whom at least one shall be a member of the Executive Council; and (iii) three persons nominated by the 103[Chancellor]. (2) Five members of the Finance Committee shall form a quorum for a meeting of the Finance Committee. (3) All the members of the Finance Committee, other than the Vice-Chancellor and the members of the Executive Council shall hold office for a term of three years. (4) A member of the Finance Committee shall have the right to record a minute of dissent if he does not agree with any decision of the Finance Committee. (5) The Finance Committee shall meet at least twice every year to examine the accounts and to scrutinise proposals for expenditure. (6) The annual accounts and the financial estimates 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. (7) The Finance Committee shall recommend limits for the total recurring expenditure and the total non-recurring expenditure for the year, based on income and resources of the University (which, in the case of productive works, may include the proceeds of loans).