Seligman Quality Municipal Fund, Inc. (NYSE: SQF) Renews Management Agreement and Adopts Amended and Restated Bylaws
18 November 2005 - 10:26AM
Business Wire
The Board of Directors of Seligman Quality Municipal Fund, Inc.
(NYSE: SQF) announced today that it has renewed the Fund's
management agreement and adopted amended and restated bylaws. The
Board of Directors renewed the Fund's Management Agreement with J.
& W. Seligman & Co. Incorporated ("Seligman"). Under the
Management Agreement, effective January 1, 2006, Seligman will be
paid for its services a fee of 0.55% per annum of the Fund's
average daily net assets (inclusive of the value attributable to
the Fund's Preferred Stock). The amended and restated bylaws
provide that stockholder proposals for the 2006 annual meeting of
stockholders must be sent to the corporate secretary of the Fund
between November 18, 2005 and 5:00 p.m. on December 31, 2005,
unless the meeting date is more than 30 days after the anniversary
of the 2005 annual meeting. For other future annual meetings,
notice must be made not earlier than 150 days nor later than 120
days prior to the first anniversary of the date of the proxy
statement for the previous year's annual meeting, unless the date
of the annual meeting is advanced or delayed by more than 30 days
from the anniversary of the date of the preceding annual meeting.
The Fund's previous bylaws required stockholder proposals to be
submitted 60 to 90 days before the anniversary of the prior year's
annual meeting. The information concerning advance notice
requirements for stockholder proposals in the proxy statement for
the Fund's 2005 annual meeting is superseded by this announcement.
The amended and restated bylaws also expand certain information
required to be provided by a stockholder making a proposal, and
revise procedures for the verification of information provided by
the stockholder making a proposal. The advance notice provision has
been revised to permit the Fund's stockholders and directors to
consider every stockholder proposal on an informed basis and in an
organized fashion, taking into account all factors that they deem
relevant, including the interests of all affected constituencies.
The Fund's bylaws do not affect the notice periods for stockholder
proposals to be included in the Fund's proxy statements under the
rules of the Securities and Exchange Commission (the "SEC"). The
Fund's amended and restated bylaws differ in a number of other
respects from the prior bylaws. They have been filed with the SEC
as an exhibit to a Current Report on Form 8-K of the Fund dated
November 17, 2005 (the "Form 8-K"). The Form 8-K also includes as
an exhibit a letter from the Fund responding to a shareholder's
letter, dated September 19, 2005, to the Fund's Board of Directors.
The Fund's letter states, among other things, that after discussing
the shareholder's letter, the Board reaffirmed its view that the
Fund should continue in closed-end form. The Form 8-K is available
at the SEC's website at www.sec.gov. Seligman Quality Municipal
Fund is managed by J. & W. Seligman & Co. Incorporated, a
New York based investment manager and advisor, which was founded in
1864. You should consider the investment objectives, risks,
charges, and expenses of the Fund carefully before investing. You
can obtain information about the Fund (including its investment
objectives, risks, charges, expenses, and other information) by
contacting your financial advisor or Seligman Services, Inc. at
800-597-6068.
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