Figure 1
Three-state comparator: what each state’s regime actually requires.
Delaware (DGCL post-SB 21) vs. Nevada (NRS post-AB 239) vs. Texas (TBOC post-SB 29 / SB 1057 / HB 40).
Provision area
Delaware (DGCL post-SB 21)
Nevada (NRS post-AB 239)
Texas (TBOC post-SB 29 / 1057 / HB 40)
Controller transactions
DGCL § 144(b)–(e)
3-prong definition
2-track safe harbor (ord./going-priv.)
§ 144(b)-(c): safe-harbor preclusion
NRS § 78.240(3)
Undue influence + inducement
+ material non-ratable benefit
Committee presumption
TBOC §§ 21.419, 21.4161
BJR + pre-transaction committee
independence (MFW-style)
Books and records
DGCL § 220 (amended)
Enumerated categories
Enumerated categories; proper-purpose / particularity reqs
NRS § 78.257
15% ownership threshold
No AB 239 expansion
TBOC § 21.218
‘Books, minutes, ownership records’ only
Derivative-suit standing
Lewis v. Anderson
Contemporaneous ownership
No % threshold
NRS § 41.520
Contemporaneous ownership
No % threshold
TBOC § 21.552(a)(3)
Up to 3% derivative threshold (elective)
Forum + jury-trial waivers
DGCL § 115
Exclusive-forum bylaws
Salzberg upheld federal-forum
NRS § 78.046
Charter/bylaw flexibility
Jury-trial-waiver authority
TBOC §§ 2.115, 2.116
Exclusive Texas forum + jury waiver
Appraisal / dissent
DGCL § 262
Broad appraisal in mergers
Market-out with carve-backs
NRS §§ 92A.300–.500
Dissent in conversions, mergers,
charter amendments
TBOC ch. 10 subch. H
Dissent; broader market-out
Shareholder proposals
Federal Rule 14a-8
+ Nov 17 2025 SEC Statement
Same federal posture
Same federal posture
+ TBOC § 21.373 opt-in
Business-court venue
Court of Chancery
Est. 1792
Business Court division
8th Judicial District (2000)
Texas Business Court
HB 19 (2024) + HB 40 (2025)
+ 15th Court of Appeals
PRIMARY SOURCES
8 Del. C. §§ 115, 144, 220, 262 · NRS §§ 41.520, 78.046, 78.138, 78.240, 78.257, 92A.300–.500
TBOC §§ 2.115, 2.116, 21.218, 21.419, 21.4161, 21.552, ch. 10 subch. H · HB 19 (88R) · HB 40 (89R)
Lewis v. Anderson, 477 A.2d 1040 (Del. 1984) · Salzberg v. Sciabacucchi, 227 A.3d 102 (Del. 2020)
Read across rows by provision area. The Texas column shows where Texas departs from both Delaware (statute-forward framework rather than Delaware’s common-law entire-fairness architecture) and Nevada. TBOC § 21.552 caps the derivative-standing threshold at 3% of outstanding shares; the $1 million / 3% voting-share disjunctive lives separately in TBOC § 21.373 (shareholder proposals). All seven rows render at full primary-source pin-cite.