Which statement best describes exceptional voting rights in non-voting shares?

The correct statement regarding exceptional voting rights in non-voting shares is that they may vote in specific corporate acts, such as by-law amendments. This is an essential aspect of corporate governance, as it allows for flexibility in the rights of share classes.

In many jurisdictions, certain types of non-voting shares are designed to have limited voting rights in specific scenarios, which can be critical for corporations in situations where particular actions—like amendments to by-laws—are necessary. This provision ensures that while shareholders with non-voting shares may not have a say in routine corporate matters or in electing directors, they can still have a voice in significant changes that may impact their interests directly.

This approach helps to balance the interests of different classes of shareholders within a corporation, enabling non-voting shareholders to retain some influence in vital areas without granting them full voting rights similar to those of common shares. Maintaining such balance is crucial in corporate governance to protect the interests of all stakeholders while allowing the corporation to operate effectively.