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CIT shareholders approve proposal to allow director removal 'with or without cause'

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CIT shareholders approve proposal to allow director removal 'with or without cause'

CIT GroupInc.'s shareholders, at their May 10 annual meeting, approved aproposal that wouldallow a simple majority of shareholders to remove a director from the company'sboard "with or without cause."

Previously, a director could be removed only "forcause" and after an affirmative vote of 66.66% of the voting power ofshareholders.