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 each University and shall be charged with the general control and superintendence of the policy, finance 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 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 account 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) 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, 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, from time to time, be fixed by the Council.
(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 five members of the Council, the chairman shall within twenty-eight days after the receipt of such request call a meeting of the Council and the request shall specify the business to be considered at the meeting and no business not so specified shall be transacted at the meeting.