The University of Texas Board of Regents has relinquished control of The Daily Texan, the student newspaper in Austin, the Houston Chronicle reported. Since the era of student protest in the 1970s, the entire paper has been subject to prior review by a faculty adviser. The Student Press Law Center says the Texan was thought to be the last major college daily under such a restraint. The paper will now be managed by a board composed of students, faculty members, and professional journalists. The Texan will have to carry its own libel insurance, and could become an independent nonprofit once it builds its financial reserves to $5-million.