Company: MYI
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198172
Chunk: 274

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 274
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 the Acquiring Fund’s investment activities); or                                                        |

| ● |     | a liquidation or dissolution of the Acquiring Fund; |

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 the Acquiring Fund’s shares of capital stock is required. The approval, adoption or authorization of the foregoing also requires the favorable vote of a majority of Acquiring Fund’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 Acquiring Fund 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of shareholders, to make, alter or repeal any of the Bylaws (except for any Bylaw specified not to be amended or repealed by the Board), subject to the requirements of the 1940 Act.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the charter requiring the affirmative vote of 66 2/3% of shares of capital stock of Acquiring Fund, can be amended or repealed except by the vote of such required number of shares. In addition, conversion of the Acquiring Fund to an open-end investmentcompany would require an amendment to the Acquiring Fund’s charter. The amendment would have to be declared advisable by the Board prior to its submission to shareholders. Such an amendment would require the favorable vote of the holders of at least 66 2/3% of the Acquiring Fund’s outstanding shares of capital stock entitled to be voted on the matter, voting as a single 165

class (or a majority of such shares if the amendment was previously approved, adopted or authorized by two-thirds of the 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 investment company 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 any, as might be in effect at the time of a redemption. If the Acquiring Fund is converted to an open-end investment company, 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.

The Board has determined