Proposed resolution (August, 2011):

1. Delete the indicated bullet of _N4527_.12.9 [class.inhctor] paragraph 2:

• the exception-specification (14.5 [except.spec]),

2. Change _N4527_.12.9 [class.inhctor] paragraph 3 as follows:

...[Note: Default arguments are not inherited. An exception-specification is implied as specified in 14.5 [except.spec]. —end note]

3. Change 14.5 [except.spec] paragraph 14 as follows:

An inheriting constructor (_N4527_.12.9 [class.inhctor]) and an implicitly declared special member function ( 11.4.4 [special]) shall have an exception-specification. If f is an inheriting constructor or an implicitly declared default constructor, copy constructor, move constructor, destructor, copy assignment operator, or move assignment operator, its implicit exception-specification specifies the type-id T if and only if T is allowed by the exception-specification of a function directly invoked by f's implicit definition; f shall allow all exceptions if any function it directly invokes allows all exceptions, and f shall allow no exceptions if every function it directly invokes allows no exceptions. [Note: an instantiation of an inheriting constructor template has an implied exception-specification as if it were a non-template inheriting constructor. —end note] [Example:...