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(1) The University shall constitute a Finance and Accounts Committee. Finance and Accounts Committee and its functions. 31 University Fund. (2) The constitution of committee, the term of office of its members and the procedure to be followed by it shall be such as may be prescribed. (3) The Finance and Accounts Committee shall discharge the following functions, namely:- (a) to review the expenditure incurred by the University; (b) to ensure proper utilization of the money by the University according to budget provisions; (c) to review the position of financial resources of the University; (d) to formulate budget programmes; (e) to recommend economy in administrative expenses; (f) to perform such other functions relating to accounts and audit of the revenue and expenditure of the University as may be assigned to it by the Executive Council; and (g) to advise the Executive Council in financial matters whenever such advice is sought by the Executive Council. CHAPTER V FINANCE