Nuveen California Quality Municipal Income Fund suspends control share by-law
The fund's board amended its by-laws on February 24, 2022 to suspend the control share provision, which limits voting rights for shareholders who acquire shares in a control share acquisition. The change follows a February 18, 2022 U.S. District Court summary judgment in favor of Saba Capital Management, which ruled the provision violates Section 18(i) of the Investment Company Act of 1940. The board and the fund intend to appeal the ruling, and the provision would be automatically reinstated if the judgment is reversed or nullified.
Key points
- Board adopted Amendment No. 1 to the by-laws on February 24, 2022
- Control Share By-Law was adopted in October 2020 and is now of no force while the court judgment is in effect
- District Court granted summary judgment to Saba on February 18, 2022, on claims for rescission and declaratory judgment
- Board and fund intend to appeal; the by-law reinstates automatically if the judgment is reversed, vacated or stayed
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 25, 2022.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.