Amendment status not verified — confirm the current text below against the official source.
(1) There shall be a Finance Committee constituted by the Board consisting of the following:— (i) the Director; (ii) the Comptroller of Finance shall be the member convener of the said committee (iii) two other members nominated by the Board from amongst its members of whom one shall be a professor; (iv) four such other members as may be prescribed by the Statutes; (2) The members of the Finance Committee nominated by the Board shall hold office so long as they continue as members of the Board who shall be treated as ex- officio members. (3) The functions and duties of the Finance Committee shall be as follows:- (i) to examine and scrutinize the annual budget and prepare the financial estimates of receipts and expenditures of the Institute and to make The Senate Finance Committee 12 recommendations on financial matters to the Board; (ii) to consider all proposals for new expenditure and to make recommendations to the Board; (iii) to consider the periodical statement of accounts and to review the finances of the Institute from time to time and to consider reappropriation statements of the Board; (iv) to give its. views and make recommendations to the Board on any financial question affecting the Institute either on its own initiative or on reference from the Board; and (v) to make rules for giving effect to its decisions as may be required. (4) The Finance Committee shall meet at least four times in a year and three members of the Finance Committee shall form the quorum at any meeting. (5) The Director shall preside over the meetings of the Finance Committee and in his absence a member elected at the meeting shall preside. (6) In case of difference of opinion among the members, the opinion of the majority of the members present shall prevail. (7) The term of office of the members other than the ex-officio members shall be such as may be prescribed.