Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 194

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 194
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 was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, a director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

Under
BVI law, our directors owe the company certain statutory and fiduciary duties including, among others, a duty to act honestly, in good
faith, for a proper purpose and with a view to what the directors believe to be in the best interests of the company. Our directors are
also required, when exercising powers or performing duties as a director, to exercise the care, diligence and skill that a reasonable
director would exercise in comparable circumstances, considering without limitation, the nature of the company, the nature of the decision
and the position of the director and the nature of the responsibilities undertaken. In the exercise of their powers, our directors must
ensure neither they nor the company acts in a manner which contravenes the BVI Act or our Memorandum and Articles of Association, as
amended and restated from time to time. A shareholder has the right to seek damages for breaches of duties owed to us by our directors.

Shareholder
action by written consent

Under
the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. BVI law and our Memorandum and Articles provide that shareholders may approve corporate matters by
way of a written resolution without a meeting signed by or on behalf of shareholders sufficient to constitute the requisite majority
of shareholders who would have been entitled to vote on such matter at a general meeting; provided that if the consent is less than unanimous,
notice must be given to all non-consenting shareholders.

Shareholder
proposals

Under
the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided
it complies with the notice provisions in the governing documents. A special meeting may be called by the Board of Directors or any other
person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. BVI law and our
Memorandum and Articles of Association allow our shareholders holding not less than 30% of the votes of the outstanding voting Ordinary
Shares to requisition a shareholders’ meeting. We are not obliged by law to call shareholders’ annual general meetings, but