Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 284

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 284
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ing into applicable statutory provisions and notwithstanding the charter or bylaws, (i) reserve for itself the right to fix the number
of directors; (ii) 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.

168

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 (