7. The Finance Officer.-
(1) The Finance Officer shall be appointed by the Executive Council on the recommendations of a Selection Committee constituted for the purpose and he shall be a whole-time salaried officer of the University.
(2) The Finance Officer shall be appointed for a term of five years and shall be eligible for re-appointment.
(3) The emoluments and other terms and conditions of service of the Finance Officer shall be such as may be prescribed by the Executive Council from time to time: Provided that the Finance Officer shall retire on attaining the age of sixty-two years: Provided further that the Finance Officer shall, notwithstanding his attaining the age of sixty-two years, continue in office until his successor is appointed and enters upon his office or until the expiry of a period of one year, whichever is earlier.
(4) When the office of the Finance Officer is vacant or when the Finance Officer is, by reason of illness, absence or any other cause, unable to perform the duties of his office, the duties of the office shall be performed by such person as the Vice-Chancellor may appoint for the purpose.
(5) The Finance Officer shall be the ex officio Secretary of the Finance Committee, but shall not be deemed to be a member of such Committee.
(6) The Finance Officer shall-
(a) exercise general supervision over the funds of the University and shall advise it as regards its financial policy; and
(b) perform such other financial functions as may be assigned to him by the Executive Council or as may be prescribed by the Statutes or the Ordinances.
(7) Subject to the control of the Executive Council, the Finance Officer shall-
(a) hold and manage the property and investments of the University including trust and endowed property;
(b) ensure that the limits fixed by the Executive Council for recurring and non-recurring expenditure for a year are not exceeded and that all moneys are expended on the purpose for which they are granted or allotted;
(c) be responsible for the preparation of annual accounts and the budget of the University and for their presentation to the Executive Council;
(d) keep a constant watch on the state of the cash and bank balances and on the state of investments;
(e) watch the progress of the collection of revenue and advise on the methods of collection employed;
(f) ensure that the registers of buildings, land, furniture and equipment are maintained up-to-date and that stock-checking is conducted, of equipment and other consumable materials in all offices, Departments, University, Institutes, Centres and Specialised Laboratories;
(g) bring to the notice of the Vice-Chancellor unauthorised expenditure and other financial irregularities and suggest disciplinary action against persons at fault; and
(h) call for from any office, Department, Centre, Laboratory, College or Institution maintained by the University any information or returns that he may consider necessary for the performance of his duties.
(8) Any receipt given by the Finance Officer or the person or persons duly authorised in this behalf by the Executive Council for any money payable to the University shall be sufficient discharge for payment of such money.