Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 195

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 195
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our Memorandum and Articles of Association do permit the directors to call such a meeting. The location of any shareholders’ meeting
can be determined by the Board of Directors and can be held anywhere in the world.

Cumulative
voting

Under
the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation’s certificate
of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders
on a Board of Directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single
director, which increases the shareholder’s voting power with respect to electing such director. The BVI law does not expressly
permit cumulative voting for directors, our Memorandum and Articles of Association do not provide for cumulative voting. As a result,
our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

Removal
of directors

Under
the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval
of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Memorandum
and Articles of Association, directors can be removed from office, with or without cause, by a resolution of shareholders passed at a
meeting of Shareholders called for the purpose of removing the director or for purposes including the removal of the director or by written
resolution passed by at least 50 % of the votes of the shareholders of the company. Directors can also be removed with cause by a resolution
of directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of
the director.

Transactions
with interested shareholders

The
Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the
corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited
from engaging in certain business combinations with an “interested shareholder” for three years following the date that such
person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15% or
more of the target’s outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential
acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if,
among other things, prior to the date