Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 282

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 282
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 the remaining directors do not constitute a quorum. Any director elected to fill such vacancy shall hold office for the remainder of the unexpired term and until his or her successor is elected and qualified.
A board of directors may implement all or any of these provisions without amending the charter or bylaws and without shareholder approval. A corporation may be prohibited by its charter or by resolution of its board of directors from electing any of
the provisions of the statute. The Acquiring Fund is not prohibited from implementing any or all of the statute.

Pursuant to the
Acquiring Fund’s Bylaws, the Acquiring Fund has elected to be subject to a specific provision of the statute such that, at all times that the Acquiring Fund is eligible to make that election, all vacancies on the Board resulting from an
increase in the size of the Board or the death, resignation or removal of a Board Member, may be filled only by the affirmative vote of a majority of the remaining Board Members, even if the remaining Board Members do not constitute a quorum.

156

GOVERNING LAW

MVT was formed as a Maryland corporation governed by the laws of the State of Maryland on February 3, 1993, and commenced operations on
March 29, 1993.

MIY was formed as a Maryland corporation governed by the laws of the State of Maryland on June 30, 1992, and
commenced operations on October 30, 1992.

MVF was formed as a Maryland corporation governed by the laws of the State of Maryland on
July 6, 1988, and commenced operations on September 29, 1988.

The Acquiring Fund was formed as a Maryland corporation governed
by the laws of the State of Maryland on January 13, 1992, and commenced operations on April 13, 1992.

Shareholders of a
Maryland corporation currently have no personal liability for the corporation’s acts or obligations, except that a shareholder may be liable to the extent that (i) the shareholder knowingly accepted a distribution in violation of such
Maryland corporation’s charter or the Maryland General Corporation Law or (ii) the subscription price or other agreed upon consideration for stock subscribed for has not been paid.

157

CONVERSION TO OPEN-ENDFUND

The MVF Charter provides that that a favorable vote of the holders of at least seventy-five percent (75%) of the shares of
capital stock entitled to be voted on the matter shall be required to convert the MVF to