How many non-voting shares can a company issue?

Under the Commercial Act, a company may issue, as provided in its articles of incorporation, classes of shares that differ in matters such as profit dividends, distribution of residual assets, exercise of voting rights, and redemption or conversion.

Among these, classes of shares with no or restricted voting rights may not exceed one-quarter of the total number of issued shares. The articles of incorporation must specify the matters on which voting rights cannot be exercised and the conditions under which voting rights are restored.