Newsletter No. 500

232 Part 7 • University Ordinance and Regulations Part 7 STATUTE 11A Constitutions of Additional Colleges 1. There shall be a constitution for each additional College. The constitution shall be subject to the approval of the Council. 2. The name, structure and organization of each additional College shall be determined by the Council. (18 of 2007 s. 5) STATUTE 12 Financial Procedure 1. The Council shall fix the financial year. 2. There shall be a Committee of the Council known as the Finance Committee, which shall consist of — (a) the Treasurer, who shall be Chairman; (b) the Vice-Chancellor or his representative; (c) the Heads of the original Colleges and of Shaw College; and (18 of 2007 s. 5) (d) 3 other persons, including persons who are not members of the Council, as the Council shall appoint. There shall be referred to the Finance Committee all matters within the jurisdiction of the Council which have important financial implications. 3. The Finance Committee shall submit to the Council, before the beginning of the financial year, draft estimates of income and expenditure of the University and such estimates, amended as the Council may think fit, shall be approved by the Council before the beginning of the financial year. 4. The estimates shall show the income and expenditure of the University and the estimated surplus or deficit for the year. The estimated expenditure shall be shown under votes, heads and (where applicable) sub-heads. Any transfer between votes or heads shall require the sanction of the Finance Committee. Any transfer between sub-heads shall require the sanction of the Vice-Chancellor and the Treasurer, with the exception of transfers between sub-heads solely concerning an original College or Shaw College, which shall require the sanction of the Head of the College concerned, subject to any rules and directions that the Finance Committee may issue. (18 of 2007 s. 5) 5. The Finance Committee shall report to the Council, at such times as the Council may determine, any transfer between votes or heads. The Council may revise the estimates during the course of the financial year. 6. As soon as practicable after the end of the financial year, a balance sheet and income and expenditure account with supporting schedules shall be submitted to the auditors. 7. The audited accounts, with any comments thereon made by the auditors, shall be submitted to the Council. 8. Nothing in this Statute shall deprive the Council of power to invest surpluses or prospective surpluses at any time.