Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 276

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 276
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 all of MIY’s assets (other than in the regular course of MIY’s 
 investment activities); or                                                                    |

| • |     | a liquidation or dissolution of MIY; |

unless such action has been approved, adopted or authorized by the affirmative vote of at least two-thirds ofthe total number of Directors fixed in accordance with the Bylaws, in which case the affirmative vote of a majority of MIY’s shares of capital stock is required. The approval, adoption or authorization of the foregoing also requires the favorable vote of a majority of MIY’s outstanding preferred stock (as defined in the 1940 Act), then entitled to be voted, voting as a separate class. The charter and Bylaws of MIY provide that the Board has the power, to the exclusion of shareholders, to make, alter or repeal any of the Bylaws (except for any Bylaw specified not to be amended or repealed by the Board), subject to the requirements of the 1940 Act. Neither this provision of the charter, nor any of the foregoing provisions of the charter requiring the affirmative vote of 66 2/3% of shares of capital stock of MIY, can be amended or repealed except by the vote of such required number of shares. In addition, conversion of MIY to an open-end investmentcompany would require an amendment to MIY’s charter. The amendment would have to be declared advisable by the Board prior to its submission to shareholders. Such an amendment would then require the favorable vote of the holders of at least 66 2/3% of MIY’s outstanding shares of capital stock entitled to be voted on the matter, voting as a single class (or a majority of such shares if the amendment was previously approved, adopted or authorized by two-thirds ofthe total number of Board Members fixed in accordance with the Bylaws). Such a vote also would satisfy a separate requirement in the 1940 Act that the change be approved by the shareholders. Shareholders of an open-end investmentcompany may require the company to redeem their common shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their NAV, less such redemption charge, if 164

any, as might be in effect at the time of a redemption. If the Acquiring Fund is converted to an open-end investmentcompany, it could be required to liquidate portfolio securities to meet requests for redemption, and the Common Shares would no longer be listed on a stock exchange. MIY’s Board has determined that the 66