Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 32

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 32
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 be sent to:

(a) each director;

(b) the Corporation's auditor;

(c) every shareholder entered in the securities registrar as the holder of a share or shares carrying the right to vote at such meetings on the record date or, if no record date was established by the directors, on the date of mailing such notice; and

(d) every person upon whom the ownership of a share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of a shareholder where the shareholder, but for his death or bankruptcy, would be entitled to vote.

No other person is entitled to receive notice of general meetings.

There are no limitations to the rights of non-resident or foreign shareholders to hold or exercise voting rights associated with Genoil's securities.

These provisions do not deviate significantly from U. S. law, insofar as the following matters are concerned:

According to Rule 405 of the Securities Act, the term "foreign private issuer" means any foreign issuer other than a foreign government except an issuer meeting the following conditions:

(a) More than 50 percent of the outstanding voting securities of such issuer are directly or indirectly owned of record by residents of the United States; and

(b) Any of the following:

  (I)        The majority of the executive officers or directors are United States citizens or residents;  
  (ii)       More than 50 percent of the assets of the issuer are located in the United States; or         
  (iii)      The business of the issuer is administered principally in the United States.                  

Further, the predominant rule in most U. S. jurisdictions is that an annual meeting must be held every 13 months.

C. Material contracts.

Genoil has entered into no material contracts in the ordinary course of business for the two years preceding this registration statement.

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D. Exchange controls.

There is no law or governmental decree or regulation in Canada that restricts the export or import of capital or affects the remittance of dividends, interest or other payments to a non-resident holder of Common Shares, other than withholding tax requirements. See "Taxation".

E. Taxation.

Genoil has provided the following summary of the material Canadian federal and U. S. federal income tax considerations generally applicable in respect of the holding or disposing of Common Shares. This summary does not address all possible tax consequences relating to an investment in its Common Shares. There may be provincial, territorial, state and local taxes applicable to a potential shareholder, depending on the shareholder