Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 23

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 23
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 States, and some states, such as Delaware, have more fully developed and judicially
interpreted bodies of corporate law. In addition, while statutory provisions do exist in BVI law for derivative actions to be brought
in certain circumstances, shareholders in the BVI companies may not have stood to initiate a shareholder derivative action in a federal
court of the United States. The circumstances in which any such action may be brought, and the procedures and defenses that may be
available in respect to any such action, may result in the rights of shareholders of a BVI company being more limited than those of shareholders
of a company organized in the United States Accordingly, shareholders may have fewer alternatives available to them if they believe
that corporate wrongdoing has occurred.

Under BVI law, the directors
owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good faith and with a view to
what the directors believe are our best interests. When exercising powers or performing duties as a director, the director is required
to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, 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 by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not
act or agree to the company acting in a manner that contravenes our amended and restated memorandum and articles of association or the
Companies Act.

In certain limited circumstances,
a shareholder has the right to seek various remedies against the company in the event the directors are in breach of their duties under
the Companies Act. Pursuant to Section 184B of the Companies Act, if a company or director of a company engages in, proposes to engage
in or has engaged in, conduct that contravenes the provisions of the Companies Act or the memorandum or articles of association of the
company, the courts of the BVI may, on application of a shareholder or director of the company, make an order directing the company or
director to comply with, or restraining the company or director from engaging in conduct that contravenes the Companies Act or the memorandum
or articles. Furthermore, pursuant to section 184I(1) of the Companies Act a shareholder of a company who considers that the affairs
of the company have been, are being or likely to be, conducted in a manner