Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 44

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 3
Chunk 44
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 of any Ordinary Share unless (i) a fee of such maximum as Nasdaq may from time to time determine to be payable
(or such lesser sum as our board of directors may from time to time require) has been paid to our Company; (ii) the instrument of transfer
is lodged at the registered office or, as the case may be, the transfer office accompanied by the certificate of the Shares to which it
relates, and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer
(and, if the instrument of transfer is executed by some other person on his behalf, the authority of that person so to do); (iii) the
instrument of transfer is in respect of only one class of Share; (iv) the Shares concerned are free of any lien in favor of the Company;
and (v) if applicable, the instrument of transfer is properly stamped.

If our directors refuse to
register a transfer, they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the
transferor was lodged and the transferee notice of such refusal. The registration of transfers may, on 14 days’ notice being given
by advertisement in such one or more newspapers or by electronic means, be suspended and the register closed at such times and for such
periods as our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be
suspended nor the register closed for more than 30 days in any year.

This, however, is unlikely
to affect market transactions of the Ordinary Shares purchased by investors in the public offering. Once the Ordinary Shares have been
listed, the legal title to such Ordinary Shares and the registration details of those Ordinary Shares in the Company’s register
of members will remain with the Depository Trust Company. All market transactions with respect to those Ordinary Shares will then be carried
out without the need for any kind of registration by the directors, as the market transactions will all be conducted through the Depository
Trust Company systems.

Our management has broad discretion to determine
how to use the funds raised in the initial public offering and may use them in ways that may not enhance our results of operations or
the price of our Ordinary Shares.

We anticipate that we will
use the net proceeds from our initial public offering for our construction business and other corporate purposes. Our management will
have significant discretion as to the use of the net proceeds to us from