University of Allahabad Act,2005
Act No : 26
Section :
The Finance Committee.
13. The Finance Committee.-(1) The Finance Committee shall consist of the following members, namely:-(i) the Vice-Chancellor;(ii) the Pro-Vice-Chancellor;(iii) three persons to be nominated by the Executive Council, out of whom at least one shall be a member of the Executive Council; and(iv) three persons to be nominated by the Visitor.(2) Five members of the Finance Committee shall form a quorum for a meeting of the Finance Committee.(3) All the members of the Finance Committee, other than ex officio members, shall hold office for a term of three years.(4) A member of the Finance Committee shall have the right to record a minute of dissent if he does not agree with any decision of the Finance Committee.(5) The Finance Committee shall meet at least thrice every year to examine the accounts and to scrutinise proposals for expenditure.(6) All proposals relating to creation of posts, and those items which have not been included in the Budget, shall be examined by the Finance Committee before they are considered by the Executive Council.(7) The annual accounts and the financial estimates 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.(8) The Finance Committee shall recommend limits for the total recurring expenditure and the total 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).
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