Nuveen Arizona (NAZ) suspends control share by-law after Saba court ruling
On February 24, 2022, the fund's Board of Trustees amended its by-laws to suspend the control share provision, which would have limited voting rights for shares acquired in a control share acquisition unless other shareholders approved. The change follows a February 18, 2022 U.S. District Court summary judgment in favor of Saba Capital Management, which the Board says it intends to appeal, 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, suspending the Control Share By-Law while the District Court judgment remains effective.
- Saba Capital Management filed the civil complaint on January 14, 2021, alleging the by-law violates Section 18(i) of the Investment Company Act of 1940.
- The District Court granted summary judgment in favor of Saba on February 18, 2022.
- The Board and the fund intend to appeal, and the by-law would be reinstated if the judgment is reversed, overturned, vacated, stayed, or otherwise nullified.
The filing
Written by AI on Nov 9, 2026, 8:29 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.