Amendment status not verified — confirm the current text below against the official source.
(1) The Finance Committee shall consist of the following members, namely:- (i) the Vice-Chancellor; (ii) the Secretary to the State Government in the Finance and Planning (Finance Wing) Department or his nominee or delegate not below the rank of Deputy Secretary to Government in that Department; (iii) the Secretary to the State Government, in the Medical and Health Department or his nominee or delegate not below the rank of Deputy Secretary to Government in that Department; (iv) three members nominated by the Executive Council from among its members of whom one shall be a Dean, one shall be a Director and one shall be a Professor other than Dean. (2) The Vice-Chancellor shall be the ex-officio Chairman and the Finance Officer shall be the ex-officio Secretary of the Finance Committee. (3) All members of the Finance Committee, other than ex-officio members shall hold office for a period of three years. (4) The Finance Committee shall meet atleast twice in every year to examine the accounts and to scrutinize proposals for expenditure. (5) The annual accounts of the University prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments and thereafter submitted to the Executive Council for approval. The Finance Committee. 50 [Act No. 6 of 1986] (6) The Finance Committee shall recommend limits for total recurring expenditure and the total non-recurring expenditure for the year based on the income and resources or the University which in the case of productive works may include the proceeds of loans. (7) The Finance Committee shall,- (a) review the financial position of the University from time to time; (b) make recommendation to the Executive Council on every proposal involving investment or expenditure for which no provision has been made in the annual financial estimates or which involves expenditure in excess of the amount provided for in the annual financial estimates; (c) prescribe the methods and procedure and forms for maintaining the accounts of the University; (d) make recommendation to the Executive Council on all matters relating to the finances of the University; and (e) perform such other functions as may be prescribed. (8) The financial estimates of the University prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments. The said estimates, as modified by the Finance Committee, shall then be laid before the Executive Council for consideration. The Executive Council may accept the modifications made by the Finance Committee. [Act No.6 of 1986] 51