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(1) Four members of the Finance Committee shall form a quorum for a meeting of the Finance Committee and all decisions shall be taken by majority. (2) All the members of the Finance Committee, other than ex-officio members and Vice-Chancellor shall hold office for a term of three years. (3) The Finance Committee shall exercise superintendence and control over all financial matters and all matters having financial implications. (4) The Finance Committee shall meet at least thrice every year to examine the accounts and to scrutinize the proposals for expenditure. (5) All proposals relating to creation of posts and those items which have not been included in the budget shall be examined and considered by the Finance Committee before they are considered by the Executive Council. Board of Sports Studies. PUNJAB GOVT. GAZ. (EXTRA), AUGUST 29, 2019 (BHDR 7, 1941 SAKA) 85 Selection Committees. (6) The annual accounts and the financial estimates of the University prepared by the Finance Officer shall be laid before the Finance Committee for its consideration and comments and appropriate decision and thereafter submitted to the Executive Council for approval. (7) The Finance Committee shall recommend limits for the recurring expenditure and the non-recurring expenditure for the year, based on the income and resources of the University (which, in the case of productive works, may include the proceeds of loans). (8) The Finance Committee shall manage and regulate the finances, accounts, investments, property, business and all other administrative affairs of the University and for that purpose to appoint such agents as it may think fit. (9) All authorities shall take due note of recommendations and decisions of Finance Committee and in case of disagreement, the authority concerned shall refer back its opinion to Finance Committee for reconsideration. On reconsideration, the Finance Committee shall make its recommendations within sixty days. In case of difference between the Finance Committee and any other authority, the matter shall be referred to the Government whose decision thereon shall be final.