Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 188

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 188
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 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.

Pre-emptive
rights

There
are no pre-emptive rights applicable to the issue by us of new Ordinary Shares under either BVI law or our Memorandum and Articles of
Association.

Transfer
of Ordinary Shares

Subject
to the restrictions in our Memorandum and Articles of Association, the lock-up agreements with our underwriter described in “ Ordinary
Shares Eligible for Future Sale - Lock-Up Agreements” and applicable securities laws, any of our shareholders may transfer
all or any of his or her Ordinary Shares by written instrument of transfer signed by the transferor and containing the name and address
of the transferee. Our Board of Directors may resolve by resolution to refuse or delay the registration of the transfer of any common
share. If our Board of Directors resolves to refuse or delay any transfer, it shall specify the reasons for such refusal in the resolution.
Our directors may not resolve or refuse or delay the transfer of a common share unless: (a) the person transferring the Ordinary Shares
has failed to pay any amount due in respect of any of those Ordinary Shares; or (b) such refusal or delay is deemed necessary or advisable
in our view or that of our legal counsel in order to avoid violation of, or in order to ensure compliance with, any applicable, corporate,
securities and other laws and regulations.

Liquidation

As
permitted by BVI law and our Memorandum and Articles of Association, the company may be voluntarily liquidated by a resolution of members
or, if permitted under section 199(2) of the BVI Act, by a resolution of directors if we have no liabilities or we are able to pay our
debts as they fall due and the value of our assets equals or exceeds our liabilities by resolution of directors and resolution of shareholders.

Calls
on Ordinary Shares and forfeiture of Ordinary Shares

Our
Board of Directors may, on the terms established at the time of the issuance of such