Amendment status not verified — confirm the current text below against the official source.
The Finance Committee.- (1) The Finance Committee of the University shall have the following composition, namely:- (a) The Vice Chancellor - Chairperson (b) The Additional Chief Secretary or Principal Secretary or Secretary to the State Government, Finance Department or his nominee not below the rank of Deputy Secretary - Member (c) The Additional Chief Secretary or Principal Secretary or Secretary to the State Government, Higher Education Department or his nominee not below the rank of Deputy Secretary - Member (d) One expert in University finance or accounting service nominated by the Chancellor from a panel put up by the Vice Chancellor - Member (e) One Member of the Executive Council nominated by the Vice Chancellor - Member (f) The Registrar - Member (g) The Finance Officer - Secretary. (2) The Finance Committee shall be responsible for maintaining financial health and discipline of the University at all times. (3) The Finance Committee shall meet at least four times during an academic year, so that the period between two consecutive meetings shall not exceed fifteen weeks. (4) The Finance Committee shall have the following powers, functions and duties, namely:- (a) to scrutinize the annual budget estimates and the annual accounts of the University, review the yearly audit reports and make recommendations thereon; (b) to scrutinize all proposals of the University involving expenditure in excess of budgetary provision; for which no provision is made in the budget, including creation, up-gradation and abolition of posts in the University and make recommendations thereon; (c) to plan practical and implementable strategies for mobilizing funds for the University and also make proper plans for investment of excess funds at the disposal of the University and make recommendations thereon; 17 (d) to scrutinize and approve all expenditures proposed to be incurred by the University ensuring also thereby that they are in keeping with the Rules prescribed under the Karnataka Transparency in Public Procurement Act, 1999 (Karnataka Act 29 of 2000); (e) such other functions as may be prescribed by the Statutes: Provided that, the above recommendations are placed at the meetings of the Executive Council for its consideration; (5) Notwithstanding anything contained in sub-section (2), the Vice Chancellor may in case of urgency and for reasons to be recorded in writing, incur without the approval of the Finance Committee, any expenditure up to a limit as specified in the Statutes in any one case for which no provision is made in the budget or which is in excess of the provisions made in the budget: Provided that, such expenditure shall be placed before the Finance Committee for ratification at its immediate next meeting: Provided further that, if the incurring of expenditure by the Vice Chancellor is not satisfactory the Finance Committee may refer the matter to the Chancellor whose decision shall be final.