Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 85

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 85
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 2021, the SCNPC promulgated the Personal
Information Protection Law of the People’s Republic of China (the “ Personal Information Protection Law”), effective
from November 1, 2021. The Personal Information Protection Law requires, among others, that (i) the processing of personal information
should have a clear and reasonable purpose which should be directly related to the processing purpose, in a method that has the least
impact on personal rights and interests, and (ii) the collection of personal information should be limited to the minimum scope necessary
to achieve the processing purpose to avoid the excessive collection of personal information. Different types of personal information and
personal information processing will be subject to various rules on consent, transfer, and security. Entities handling personal information
bear responsibilities for their personal information handling activities, and shall adopt necessary measures to safeguard the security
of the personal information they handle. Otherwise, the entities handling personal information could be ordered to correct, or suspend
or terminate the provision of services, and face confiscation of illegal income, fines or other penalties.

Company
law

The
principal laws and regulations regulating the dividend distribution of dividends by foreign-invested enterprises in the PRC include the
PRC Company Law, as amended in 1999, 2004, 2005, 2013,2018 and 2024. The Company Law of the People’s Republic of China (Revised
in 2023) has come into effect on July 1, 2024. According to regulations, the registered capital of a limited liability company is the
amount of capital subscribed by all shareholders registered with the company registration authority. The capital subscribed by all shareholders
shall be fully paid within five years from the date of establishment of the company in accordance with the provisions of the company’s
articles of association. According to the “ Provisions of the State Council on the Implementation of the Registration and Management
System for Registered Capital of the Company Law of the People’s Republic of China”, for companies registered and established
before June 30, 2024, if the remaining subscribed capital period of a limited liability company exceeds 5 years from July 1, 2027, the
remaining subscribed capital period shall be adjusted to within 5 years before June 31, 2027, and shall be included in the company’s
articles of association. Shareholders shall fully pay their subscribed capital within the adjusted subscribed capital period. The Company
Law also stipulates that if a company fails to