Amendment status not verified — confirm the current text below against the official source.
(1) The Finance Committee shall examine the accounts and scrutinize the proposals for expenditure and shall submit the annual budget to the Executive Council for approval. No expenditure in the budget shall be incurred by the University without the prior approval of the Finance Committee which shall fix limits for the total recurring and non-recurring expenditure for the year based on the resources and the income of the University. No expenditure shall be incurred by the University in excess of the limits so fixed. (2) It shall examine and recommend the Executive Council the creation of teaching and other posts. (3) The annual accounts and official estimates of the University shall be laid before the Finance Committee for its consideration and comments thereon and thereafter submitted to the Executive Council for approval. Faculties of University.