Section 8: Functions of the Council and its Finance and General Purposes Committee.

(1) There shall be a Committee of the Council, to be known as the Finance and General Purposes Committee, which shall, subject to the directions of the Council exercise control over the property and expenditure of the College, and perform such other functions of the Council as the Council may delegate to it.
(2) Subject to the provisions of this Act relating to the Visitor, the Council shall be the governing body of the College and shall be charged with the general control and superintendence of the policy, finance and property of the College.
(3) Provision shall be made by regulation with respect to the constitution of the Finance and General Purposes Committee.
(4) The Council shall ensure that-
(a) proper accounts of the College are kept;
(b) the accounts of the College are audited annually by an independent firm of auditors approved by the Council; and
(c) an annual report shall be published by the College together with certified true copies of the accounts as audited.
(5) Subject to the provisions of this Act, the Council and the Finance and General Purposes Committee may make rules for regulating their own procedures.
(6) Rules made under subsection (5) by the Finance and General Purposes Committee shall not come into force unless approved by the Council, and in so far as any rules so made by that Committee conflicts with any directions given by the Council (whether before or after the coming into effect of the rules in question), the direction of the Council shall prevail.
(7) There shall be paid to the members of the Council, the Finance and General Purposes Committee respectively and of any other Committee set up by the Council an allowance in respect of travelling and other reasonable expenses, at such rates as may be determined by the Minister.
(8)
The Council shall meet as at when necessary for the performance of its functions under this Act and shall meet three times in every year.
(9) If requested in writing by five members of the Council, the Chairman shall within 28 days after the receipt of such request call a meeting of the Council.
(10) Any request made under subsection (9) shall specify the business to be considered at the meeting and a business not so specified shall not be transacted at the meeting.