Section 5: Functions and Powers of the Council and its Finance and General Purposes Committee As Amended by Section 5 of the National Open University (Amendment) Statute, 2018

(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 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 University and perform such other functions of the Council as the Council may, from time to time, 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 in such manner as may be specified by law 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 of or regulating their own procedure.
(6) Rules made under subsection (5) of this section by the Finance and General Purposes Committee shall not come into force unless approved by the Council; and in so far and to the extent that any rules so made by that Committee conflict with any directions given by the Council (whether before or after the coming into force of the rules in question), the directions of the Council shall prevail.
(7) There shall be paid to the members respectively of the Council, of the Finance and General Purposes Committee and other committees set up by the Council, allowances in respect of travelling and other reasonable expenses, at such rates as may from time to time, be fixed by the Minister.
(8) The Council shall meet, as and when necessary, for the performance of its functions under this Act and shall meet at least three times in every year.
(9) If requested in writing by any members of the Council, the chairman shall within 28 days after the receipt of such request, call a meeting of the Council. The request shall specify business to be considered at the meeting and no business not so specified shall be transacted at that meeting.
(10) The Council shall appoint the Vice-Chancellor, Deputy Vice-Chancellors, Registrar, University Librarian and Bursar in accordance with the provisions of the Universities (Miscellaneous Provisions) Act.
(11) The powers of the Council shall be exercised as contained in the laws and Statutes of the University and, in the event of any inconsistency between circulars and guidelines, the laws and Statutes of the University, as the case may be, shall prevail.
(12)
The Council shall-
(a) be independent in the discharge of its functions and responsibilities under this Act in the interest of good management, growth and sustainable development of the University ; and
(b) ensure that disbursement of funds of the University is in accordance with the approved budgetary ratio for personnel cost, overhead cost, research and development, library development, while ensuring at all times that a balance exists in expenditures made for academic and non-academic activities.