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Control Data, the financially troubled Minneapolis-based computer company, said Wednesday that two of its board members have resigned because the company’s liability insurance on directors and officers has been canceled.

The resigning directors were Joseph W. Barr, 67, a partner in J&J; Co., a real estate development partnership, and Joseph P. Walsh, 65, an independent management consultant.

The company said a new insurance policy had been offered it but was rejected because of unacceptable terms and conditions and dramatically higher premiums.

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Also leaving the board are Marvin G. Rogers, 57, executive vice president and chief financial officer of Control Data, who is retiring from the company, and Paul G. Miller, 63, retired chairman of the board of Commercial Credit Co., who also recently announced his wish to retire from the board.

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