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Subject to the provisions of this Act, the powers and functions of the Finance Committee shall be as follows, namely:— (a) to prepare the annual budget and recommend for approval o the Board; (b) to accept the audit report; (c) to exercise such financial and other powers as delegated by the Board or by the Governing Council; (d) to recommend creation/abolition of the posts to the Board; {c) to approve the expenditure and purchase proposals for various requirements of the Board except for the secrecy work.