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9 Nev. L.J. F. 1 (2025)

handle is hein.journals/nvljform9 and id is 1 raw text is: 9 NEV. L.J.F. 1 BUSINESS LAW IN THE RING: NEVADA'S REBEL RULES VERSUS DELAWARE'S CORPORATE CROWN Nevada Law Journal Staff* TABLE OF CONTENTS IN TR O D U C TIO N .............................................................................................. . . 2 I. SPECIALIZATION OF NEVADA'S BUSINESS COURT: MAKING A STANDALONE BUSINESS COURT INNEVADA....................................... 6 A. Specialized Courts Versus Courts of General Jurisdiction.......... 7 B. The Composition of Delaware's Court of Chancery.................. 10 1. Brief History of the Delaware Court of Chancery............... 10 2. Inception and History of the Delaware Court of Chancery.... 11 3. Modern Composition of the Delaware Court of Chancery..... 12 C. Composition of the Modern Nevada Business Courts................ 14 D. Composition of the Texas Business Court.................................. 19 II. NEVADA CORPORATE LAW VERSUS DELAWARE CORPORATE LAW..... 21 A. Overview ofModern Corporate Law in Nevada and Delaware ... 21 B. Standards ofReview: The Business Judgment Rule, Entire Fairness, and Enhanced Scrutiny ............................................. 23 1. Delaware's Standards ofReview ........................................ 23 2. Nevada's Standard ofReview .............................................. 25 C. Rights and Duties ofOfficers and Directors.............................. 27 D . Shareholder R ights................................................................... . 30 1. Shareholder Inspection Rights ............................................ 30 2. Shareholder Voting Rights .................................................. 32 3. Shareholders' Fiduciary Duties......................................... 33 E. Incorporating in Nevada Versus Delaware: Benefits and D isadvantages........................................................................ . 33 III. GENERAL JURISDICTION ISSUES PRESENTED IN NEVADA .................. 35 * This White Paper was written by Kalin Sokell and Collin Weires, Volume 25 Nevada Law Editors. We want to thank Professor Benjamin Edwards, UNLV William S. Boyd School of Law; Joshua Halen, Esq.; Albert Kovacs, Esq.; and Judge Mark Denton, Eighth Judicial Dis- trict Court of Nevada. Each of you played an extremely important role in the creation of this paper, and it would not have been written but for your willingness to answer emails and a plethora of questions. Thank you. 1

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