Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 191

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 191
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 or the company received fair value for the
transaction. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they
are entitled to vote at the meeting to approve the plan of merger or consolidation. The shareholders of the constituent companies are
not required to receive shares of the surviving or consolidated company but may receive debt obligations or other securities of the surviving
or consolidated company, other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted
into a kind of asset while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares
of a class or series must receive the same kind of consideration. After the plan of merger or consolidation has been approved by the
directors and authorized by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed
with the Registrar of Corporate Affairs in the BVI. A shareholder may dissent from a mandatory redemption of his shares, pursuant to
an arrangement (if permitted by the court), a merger (unless the shareholder was a shareholder of the surviving company prior to the
merger and continues to hold the same or similar shares after the merger) or a consolidation. A shareholder properly exercising his dissent
rights is entitled to a cash payment equal to the fair value of his shares.

A
shareholder dissenting from a merger or consolidation must object in writing to the merger or consolidation before the vote by the shareholders
on the merger or consolidation, unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved
by the shareholders, the company must give notice of this fact to each shareholder who gave written objection within 20 days following
the date of shareholders’ approval. These shareholders then have 20 days from the date of the notice to give to the company their
written election in the form specified by the BVI Act to dissent from the merger or consolidation, provided that in the case of a merger,
the 20 days starts when the plan of merger is delivered to the shareholder. Upon giving notice of his election to dissent, a shareholder
ceases to have any shareholder rights except the right to be paid the fair value of his shares. As such, the merger or consolidation
may proceed in the ordinary course notwithstanding his dissent. Within seven days of the later of the delivery of the notice of election
to dissent and the effective date of the merger or consolidation, the