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Banc of California shareholders OK board declassification

Banc of California Inc. shareholders approved several proposed amendments to the charter of the Santa Ana, Calif.-based company at their annual meeting held June 9.

Approved were amendments to declassify the board and provide for the annual election of all directors; to allow for removal of directors with or without cause by majority vote of the stockholders; to authorize amendment of the company's bylaws by majority vote of the stockholders, provided that a two-thirds vote, which is a reduced supermajority requirement, would be required to amend the bylaw provision regarding the calling of special meetings of stockholders; and to remove all supermajority stockholder voting requirements to amend certain provisions of the company's charter.