Company: GNOLF
Filing Date: 2025-05-01
Form Type: 20-F/A
Source: 0001654954-25-004987
Chunk: 33

Company: GENOIL INC
Filing Date: 2025-05-01
Form: 20-F/A
Chunk 33
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   | 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's particular circumstances, which are not addressed in this summary. The tax consequences to any particular holder, including a U.S. Holder of common shares (defined below) will vary according to the status of that holder as an individual, trust, corporation, or member of a partnership, the jurisdiction in which the holder is subject to taxation, the place where the holder is resident and generally, according to the holder's particular circumstances.

U.S. Holder of Common Shares

References to a "U.S. Holder of common shares" in this section include individuals, corporations, trusts or estates who are holders of Common Shares and who:

| • | for purposes of the Income Tax Act (Canada) (the "ITA") and the Canada-United States Income Tax Convention (1980), as amended by the protocol signed on July 29, 1997, (the "Treaty") are residents of the U.S. and have never been residents of Canada; |

| • | for purposes of the U.S. Internal Revenue Code of 1986 (the "Code") are U.S. persons; |

| • | deal at arm's length with Genoil for purposes of the ITA; |

| • | will hold the Common Shares as capital property for purposes of the