Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 196

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 196
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 on which such shareholder becomes an interested shareholder, the Board of Directors approves either
the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential
acquirer of a Delaware public corporation to negotiate the terms of any acquisition transaction with the target’s Board of Directors.
BVI law has no comparable statute and our Memorandum and Articles of Association do not expressly provide for the same protection afforded
by the Delaware business combination statute.

Dissolution;
Winding Up

Under
the Delaware General Corporation Law, unless the Board of Directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the Board of Directors
may it be approved by a simple majority of the corporation’s outstanding shares. Delaware law allows a Delaware corporation to
include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.
Under the BVI Act and our Memorandum and Articles of Association, we may appoint a voluntary liquidator by a resolution of the shareholders
or by resolution of directors) subject to section 199(2) of the BVI Act.

Variation
of rights of shares

Under
the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under our Memorandum and Articles of Association, if
at any time our shares are divided into different classes of shares, the rights attached to any class may only be varied, whether or
not our company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by a majority of not less than
50 percent of the votes cast by those entitled to vote at a meeting of the holders of the issued shares in that class.

Amendment
of governing documents

Under
the Delaware General Corporation Law, a corporation’s governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by BVI law, our Memorandum
and Articles of Association may be amended by a resolution of shareholders and, subject to certain exceptions, by a resolution of directors.
An amendment is effective from the date it is registered at the Registry of Corporate Affairs in the BVI.

Stock
Transfer Agent

Transhare
Corporation is our company’s stock transfer agent. Its