Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 187

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 187
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 of Directors shall be the chair presiding at any meeting of the shareholders. If the
chair of our board is not present, then the shareholders present shall choose to chair the meeting of the shareholders.

A
corporation that is a shareholder shall be deemed for the purpose of our Memorandum and Association to be present in person if represented
by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of
the corporation which he represents as that corporation could exercise if it were our individual shareholder.

Protection
of minority shareholders

The
BVI Act offers some limited protection of minority shareholders. The principal protection under statutory law is that shareholders may
apply to the BVI court for an order directing the company or its director(s) to comply with, or restraining the company or a director
from engaging in conduct that contravenes, the BVI Act or the company’s Memorandum and Articles of Association. Under the BVI Act,
the minority shareholders have a statutory right to bring a derivative action in the name of and on behalf of the company in circumstances
where a company has a cause of action against its directors. This remedy is available at the discretion of the BVI court. A shareholder
may also bring an action against the company for breach of duty owed to him as a member. A shareholder who considers that the affairs
of the company have been, are being or 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, may apply to the BVI court for an
order to remedy the situation.

There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law. Under the general
rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will generally refuse to interfere with the management
of a company at the insistence of a minority of its shareholders who express dissatisfaction with the conduct of the company’s
affairs by the majority or the Board of Directors. However, every shareholder is entitled to have the affairs of the company conducted
properly according to BVI law and the constituent documents of the company. As such, if those who control the company have persistently
disregarded the requirements of company law or the provisions of the company’s Memorandum and Articles of Association, then the
courts may grant relief. Generally,