Salient. Official Newspaper of the Victoria University Students' Association. Vol 44 No. 9. May 4 1981

[Introduction]

As expected, the Special General Meeting of the New Zealand University Students Association held last Sunday 3 May did not produce any final solution to the financial problems faced by its company, Student Travel Bureau Ltd.

However, a parcel of motions passed at the seven hour meeting in VUWSA's Union Hall looks likely to produce a brand new company by the 25th of this month — Student Travel Bureau (1981) Ltd — owned by at least two students associations (Victoria and Otago). Failing this, NZUSA will immediately discuss the future of the current STB; a move which will possibly see STB cease to trade.

Attended by delegates from the seven constituent student associations, NZUSA national officers, the directors of Student Travel Bureau, and no less than three association lawyers — the first half of the SGM was taken up with discussion of the proposal created by Victoria's lawyer, Heughan Rennie.

Rennie introduced the proposal as "a device" which provides constituents with a chance to pay as little as possible; and a formula acceptable to all seven, including those taking a non-financial role in the new venture. His system allows the services currently provided by STB to students to continue, and the repayment of all debts at the end of a five year period.

Although the lawyer took almost an hour to explain what has now affectionately been dubbed "The Rennie Proposal", it can be outlined as follows.