The Supreme Court shall establish a Bar Admissions Financial Committee (hereinafter referred to as the Financial Committee) to assist it in administering the financial aspects of the attorney admission system.
The Supreme Court shall appoint the members of the Financial Committee. The membership shall include the Chief Justice of the Supreme Court, the Administrative Director of the Courts, the Chair of the Board of Bar Examiners, the Statewide Chair of the Committee on Character, the Chair of the Advisory Committee on Bar Admissions, and the President of the New Jersey State Bar Association, or a designee of such members, each of whom shall serve without specified term at the pleasure of the Supreme Court.
The Financial Committee shall organize annually and shall elect from among its members a Chair and a Treasurer. The Administrative Director of the Courts shall designate a staff member with fiscal responsibilities to serve as Assistant Treasurer. The Secretary to the Board of Bar Examiners shall provide appropriate assistance to the Financial Committee in furtherance of its designated responsibilities.
Meetings shall be held at the call of the Chair. Four voting members shall constitute a quorum for the transaction of business.
The Financial Committee shall have the following general powers:
(a) to receive annually from the Secretary a budget for the attorney admission system of the state; to review the same and to recommend to the Supreme Court a proposed budget subject to public comment thereon;
(b) to receive, hold, manage, distribute, and invest the funds it may receive, all in accordance with these rules and policies approved by the Supreme Court;
(c) to establish necessary bank accounts and approve and monitor expenditures based on the budget annually adopted by the Supreme Court.