Company: MYI
Filing Date: 2025-09-02
Form Type: N-14 8C/A
Source: 0001193125-25-193985
Chunk: 288

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-02
Form: N-14 8C/A
Chunk 288
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) retain for itself sole authority to fill
vacancies created by an increase in the size of the board of directors or the death, removal or resignation of a director; and (iii) provide that all vacancies on the board of directors may be filled only by the affirmative vote of a majority
of the remaining directors, in office, even if 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.

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.

154

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)