Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 192

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 192
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 company must make a written offer to each dissenting shareholder
to purchase his shares at a specified price per share that the company determines to be the fair value of the shares. The company and
the shareholder then have 30 days to agree upon the price. If the company and a shareholder fail to agree on the price within the 30
days, then the company and the shareholder shall, within 20 days immediately following the expiration of the 30-day period, each designate
an appraiser and these two appraisers shall designate a third appraiser. These three appraisers shall fix the fair value of the shares
as of the close of business on the day prior to the shareholders’ approval of the transaction without considering any change in
value as a result of the transaction.

Shareholders’
suits

There
are both statutory and common law remedies available to our shareholders as a matter of BVI law. These are summarized below.

Prejudiced
members

A
shareholder who considers that the affairs of the company have been, are being, or are likely to be, conducted in a manner that is, or
any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him in
that capacity, can apply to the court under Section 184I of the BVI Act, inter alia

Derivative
actions

Section
184C of the BVI Act provides that a shareholder of a company may, with the leave of the Court, bring an action in the name of the company
to redress any wrong done to it.

Just
and equitable winding up

In
addition to the statutory remedies outlined above, shareholders can also petition for the winding up of a company on the grounds that
it is just and equitable for the court to so order. Save in exceptional circumstances, this remedy is only available where the company
has been operated as a quasi

Indemnification
of directors and executive officers and limitation of liability

BVI
law does not limit the extent to which a company’s articles of association may provide for indemnification of officers and directors,
except to the extent any provision providing indemnification may be held by the BVI courts to be contrary to public policy, such as to
provide indemnification against civil fraud or the consequences of committing a crime. Under our Memorandum and Articles of Association,
we indemnify against all expenses, including legal fees, and against all judgments, fines and amounts