Section 7: Functions of the Council and its Finance and General Purposes Committee.

1 Subject to the provisions of this Act relating to the Visitor, the Council shall be the governing body of the University and shall be charged with the general control and superintendence of the policy, finance and property of the University.

2 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 University and perform such other functions of the Council as the Council may delegate to it.

3 Provision shall be made by statute with respect to the constitution of the Finance and General Purposes Committee.

4 The Council shall ensure that proper accounts of the University are kept and that the accounts of the University are audited annually by an independent firm of auditors approved by the Council, and that an annual report shall be published by the University together with certified copies of the accounts as audited.

5 Subject to this Act and the Statutes, the Council and the Finance and General Purposes Committee may each make rules for regulating their own procedure.

6 Rules made under subsection (5) by the Finance and General Purposes Committee shall not come into effect unless approved by the Council, and to the extent that any rules so made by that Committee that 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 any other committee set up by the Council, an allowance in respect of travelling and other reasonable expenses, at such rates as may be fixed by the Minister.

8 The Council shall meet when necessary for the performance of its functions under this Act and shall meet at least three times in every year.

9 Where requested in writing by any 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.