Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 114

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 114
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 and a shareholder registered in the register of members is deemed as a matter of Cayman Islands
law to have prima facie legal title to the shares as set against his or her name in the register of shareholders.

However, there are certain limited circumstances
where an application may be made to the Grand Court of the Cayman Islands for a determination on whether the register of members reflects
the correct legal position. Further, the Grand Court of the Cayman Islands has the power to order that the register of members maintained
by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application
for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares
may be subject to re-examination by the Grand Court of the Cayman Islands.

Exempted Company

dLocal is an exempted company with limited liability
under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that
is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted
company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges
listed below:

| · | an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies; |

| · | an exempted company’s register of shareholders is not open to inspection; |

| · | an exempted company does not have to hold an annual general meeting; |

| · | an exempted company may issue shares with no par value; |

| · | an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 
 20 years in the first instance);                                                                                                     |

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| · | an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; |

| · | an exempted company may register as a limited duration company; and |

| · | an exempted company may register as a segregated portfolio company. |

“Limited liability” means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances,
such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which