Salient. Official Newspaper of the Victoria University Students' Association. Vol 44 No. 9. May 4 1981
Settling the Debt
Settling the Debt
The next part of the SGM was taken up with discussion of the debt owed to STB by NZUSA. This is the debt quoted as $66,000 throughout the Rennie Proposal. However, a substantial part of the debt was still in dispute (a result of the misty financial relationships between NZUSA and STB From 1973 to 1975). Because settlement of the debt is a very necessary part of the proposal to form a new company, its exact level had to be fixed at this meeting.
An often heated discussion followed, with Victoria's delegates strongly urging the acceptance of a debt of $59,554 and recognition of an approximately $8,000 payment to NZUSA by STB late last year. However, this figure was not accepted by a narrow margin and a figure of $52,732 owed to STB by NZUSA was agreed upon (plus recognition of the $8,000 payment). The difference between the two figures is the payment of interest on an old debt of NZUSA to STB — NZUSA has always refused to recognise this interest debt.
While having the level of debt settled is an advance, the difference between the Victoria proposal's "$66,000" and the real $52,700 may well provide some hindrance to the new company's prospective settlement.