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, finances and property of the University, including its public relations.
(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 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 the accounts of the University are audited annually by auditors appointed by the Council from the list and in accordance with guidelines supplied by the Auditor-General for the Federation, and that an annual report is published by the University together with certified copies of the said 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 the purpose of exercising any of their respective functions or of 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 where any rule so made by the Committee conflicts with any direction 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 and of any other Committee set up by the Council, allowances in respect of travelling and other reasonable expenses, at such rates as may be fixed by extant government circulars.
(8) The Council shall meet as and when necessary for the performance of its functions under this Act, and shall meet at least four times every year.
(9) If required 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, provided that if after 28 days of the receipt or delivering to him of such request, the Chairman fails or neglects to call a meeting, the Registrar shall, within 14 days, cause a meeting of the Council to be convened for that purpose and the request shall specify the business to be considered at the meeting and no business not so specified shall be transacted at that meeting.