Amendment status not verified — confirm the current text below against the official source.
(1) The Finance Committee constituted by the Governing Council, shall consist of the following persons, namely:— (a) the Vice-Chancellor ; Chairman (b) the Secretary to Government of Punjab, Department Member of Finance or his nominee; (c) the Secretary to Government of Punjab, Department Member of Higher Education and Languages or his nominee; and (d) two other members to be nominated by the Member Governing Council from amongst its members of whom one shall be a teacher not below the rank of a Professor. (2) The members of the Finance Committee, other than the Vice- Chancellor and Professor, shall hold office so long as they continue as members of the Governing Council. (3) The Finance Committee shall perform the following functions and duties, namely:— (i) to examine and scrutinize the annual budget of the University and to make recommendations on financial matters to the Executive Council and the Governing Council; (ii) to consider all proposals for new expenditure and to make recommendations to the Executive Council and the Governing Council; The Finance Committee. PUNJAB GOVT. GAZ. (EXTRA), SEPTEMBER 30, 2020 (ASVN 8, 1942 SAKA) 109 (iii) to consider the periodical statement of accounts and to review the finances of the University, from time to time; and to consider re-appropriation statements and audit reports and to make recommendations to the Governing Council; and (iv) to give its views and to make recommendations to the Governing Council on any financial question affecting the University either on its own initiative or on reference from the Executive Council or the Vice-Chancellor. (4) The meeting of the Finance Committee shall be called at least thrice in every year. At least three members of the Finance Committee shall form the quorum. (5) The Vice-Chancellor shall preside over the meetings of the Finance Committee, and in his absence, a member, elected at the meeting, shall preside. In case of difference of opinion among the members, the opinion of the majority of the members present shall prevail. (6) The accounts of the income and expenditure of the University shall be submitted once every year to the State Government for such examination and audit.