The kuladhipati shall constitute a finance committee for each university, consisting of the following members, namely: -
Kulapati of the university chairman
Registrar of the university member secretary.
Finance officer of the university;
Commissioner, higher education, or his nominee not below the rank of joint director;
Secretary to the government of chhattisgarh higher education department or his nominee not below the rank of deputy secretary;
Secretary to the government of chhattisgarh, finance department, or his nominee not below the rank of deputy secretary.
The finance committee shall control the finances of the university.
Subject to the provisions of this act and the statutes, ordinances and regulations made thereunder, the finance committee shall exercise the powers and perform the functions as under: -
To review the income and expenditure of the university;
To prepare the annual financial estimates of the university before the commencement of the financial year and place it before the executive council for approval and to advise amendment therein from time to time;
To sanction proposals and take decisions on the income and expenditure of the university;
To get the annual accounts and the annual audit of the university completed in time and in light of the reports order appropriate direction;
Three members shall form the quorum, out of which presence of kulapati and one member either from clause (iv) or (v) of sub-section (1) shall be essential.