(1)The Finance Committee shall consist of—
(a)the Financial Adviser to the Government of India or his nominee in the Ministry of the Central Government dealing with culture;
(b)an officer of the Central Government, not below the rank of a Deputy Secretary, to be nominated by that Government;
(c)an officer of the State Government not below the rank of a Deputy Secretary, to be nominated by that Government, representing the Department of Finance of that Government; and
(d)the Director.
(2)The Finance Committee shall observe such procedure in regard to the transaction of the business at its meetings as may be specified by regulations.