What does "class rights" refer to?

"Class rights" specifically refers to the special rights or privileges associated with a particular class of shares within a company. In corporate law, different classes of shares can have varying rights, including voting rights, dividend entitlements, and rights upon winding-up or liquidation. These rights are distinct from those associated with other classes of shares, which may be reflected in the company's Articles of Association or other governing documents.

Understanding class rights is crucial for shareholders, as they determine how decisions are made within the company and how profits are distributed. Different share classes can be designed to accommodate the needs of different investors and can influence corporate governance. This is why option B is the correct choice—it captures the essence of what class rights entail.