Section 18: Functions of Bursar and tenure

(1) The Bursar shall be the Chief Financial Officer of each College and is responsible to the Provost for the administration and control of financial affairs of each College.
(2) A Bursar shall hold office for a single term of five years only, beginning from the effective date of his appointment and such terms and conditions as may be specified in his letter of appointment.
(3) If on the commencement of this section, a Bursar appointed before the commencement of this Act has held office for-
(a) less than five years, the Bursar shall be deemed to be serving his five- year single term and does not have right to renew his appointment for a further term of five years; and
(b) more than five years and serving his second term of office, the Bursar shall be deemed to be serving his last term of office, without further extension.