Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 51

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 3
Chunk 51
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 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,
the areas in which the courts will intervene are the following: (1) an act complained of which is outside the scope of the authorized
business or is illegal or not capable of ratification by the majority; (2) acts that constitute fraud on the minority where the wrongdoers
control the company; (3) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right
to vote; and (4) where the company has not complied with provisions requiring approval of a special or extraordinary majority of
shareholders. This means that even if shareholders were to sue us successfully, they may not be able to recover anything to make up for
the losses suffered.

We may lose our foreign private issuer status
in the future, which could result in significant additional costs and expenses.

We are a foreign private
issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange
Act. The determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed
second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Ordinary Shares are directly
or indirectly held by residents of the United States and we fail to meet additional requirements necessary to maintain our foreign private
issuer status. If we lose our foreign private issuer status on this date, we will be required to file with the SEC periodic reports and
registration statements on U. S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private
issuer. We will also have to mandatorily comply with U. S. federal proxy requirements, and our officers, directors, and principal shareholders
will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will
lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq rules. As a U. S.-listed public
company that is not a foreign private issuer, we will incur significant additional legal, accounting, and other expenses that we will
not incur as a