Company: MEGL
Filing Date: 2025-07-11
Form Type: F-1/A
Source: 0001641172-25-018709
Chunk: 140

Company: Magic Empire Global Ltd
Filing Date: 2025-07-11
Form: F-1/A
Chunk 140
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 company may, with the leave of the Court, bring an action in the name of the company to         
 redress any wrong done to it. We would normally expect BVI courts to follow English case law precedents, which permit a minority shareholder 
 to commence a representative action, or derivative action in our name, to challenge (1) an act which is ultra vires or illegal, (2)          
 an act which constitutes a fraud against the minority by parties in control of us, (3) the act complained of constitutes an infringement     
 of individual rights of shareholders, such as the right to vote and pre-emptive rights and (4) an irregularity in the passing of a           
 resolution which requires a special or extraordinary majority of the shareholders. Under Delaware law, a stockholder is eligible to          
 bring a derivative action if the holder held stock at the time of the challenged wrongdoing and continues from that time to hold stock       
 throughout the course of the litigation.                                                                                                     |
|   | This is the “continuous ownership”                                                                                                           
 rule, which is a requirement for a stockholder to bring and maintain a derivative action. The law also requires the stockholder first        
 to demand the Board of Directors of the corporation to assert the claims or the stockholder must state in the derivative action particular   
 reasons why making such a demand would be futile.                                                                                            |
| ● | Just and equitable winding up: In addition                                                                                                   
 to the statutory remedies outlined above, shareholders can also petition for the winding up of a company on the grounds that it is           
 just and equitable for the court to so order. Save in exceptional circumstances, this remedy is only available where the company has         
 been operated as a quasi-partnership and trust and confidence between the partners has broken down. Under Delaware law the court can         
 use its equitable power of dissolution and appoint a receiver when fraud and gross mismanagement by corporate officers cause real imminent   
 danger of great loss, and cannot be otherwise prevented.                                                                                     |

Indemnification of directors and executive officers and limitation of liability

BVI law does not limit the extent to which a company’s articles of association may provide for indemnification of officers and directors, except to the extent any provision providing indemnification may be held by the BVI courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Under our Memorandum and Articles of Association, we may indemnify against all expenses, including legal fees, and against all judgments, fines and amounts