Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 40

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 3
Chunk 40
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corporate transactions.

  26  

There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law, since the common
law of the BVI is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will
generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction
with the conduct of the company’s affairs by the majority or the board of directors. However, every shareholder is entitled to
seek to have the affairs of the company conducted properly according to law and the constitutional documents of the company. As such,
if those who control the company have persistently disregarded the requirements of company law or the provisions of the company’s
Memorandum and Articles of Association, then the courts may grant relief. Generally, the areas in which the courts will intervene are
the following: (i) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification
by the majority; (ii) where the company has not complied with provisions requiring approval of a special or extraordinary majority of
shareholders; (iii) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote;
or (iv) acts that constitute fraud on the minority where the wrongdoers control the company.

These
rights may be more limited than the rights afforded to minority shareholders under the laws of states in the United States.

Other
than as set forth in the BVI Act, shareholders of BVI companies like us have no general rights under BVI law to inspect corporate records
or to obtain copies of lists of shareholders of these companies. Our directors have discretion to determine whether or not, and under
what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders,
other than as set forth in the BVI Act. This may make it more difficult for you to obtain the information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by our management, members of the board of directors or controlling shareholders than they would as public shareholders of a company
incorporated in the United States.

There