Texas Corporate Law

Section 11 of 12

Nine doctrines, three jurisdictions, three statutory postures.

Long-form source as of August 3, 2026

FIGURE · THREE-STATE STATUTORY FRAMEWORK

For each doctrine the chart reports the operative rule: a Texas statute citation, a Delaware Chancery common-law source (or DGCL section), and the corresponding Nevada NRS section. Texas writes more of the framework in statutory text; Delaware leaves more to Chancery; Nevada lands between.

TBOC vs DGCL vs NRS — nine-doctrine statutory comparisonFor each of nine corporate-governance doctrines, the table reports where Texas places the rule directly in statute (TBOC), where Delaware leaves it to the Court of Chancery (DGCL + common law), and where Nevada codifies a variant (NRS). Cells contain the operative statute citation or doctrinal source.DoctrineTBOC (Texas)Statute-firstDGCL (Delaware)Common-law primacyNRS (Nevada)Codified middleDerivative standingTBOC § 21.552: up to 3% of shares forlisted or opt-in TX corps.DGCL § 327: contemporaneous ownershiponly.NRCP 23.1: contemporaneous ownership;particularized demand pleading.Business-judgment ruleTBOC § 21.419: codified, statutory text.Common law: Aronson; Brehm.NRS § 78.138: codified, expansive.Shareholder proposalsTBOC § 21.373: $1M or 3% + 6-mo + 67%solicit (opt-in).Federal Rule 14a-8 baseline only.Federal Rule 14a-8 baseline only.Special-committee pre-cert.TBOC §§ 21.416(g), 21.4161: independence+ pre-cert.MFW judicial doctrine (common law).NRS § 78.140: statutory cleansingvariant.Exclusive forumTBOC § 2.115: TX forum authorized incharter.8 Del. C. § 115: Chancery forumauthorized.NRS § 78.046: state-court forumauthorized.Jury-waiver authorityTBOC § 2.116: companion authority.Not statutorily authorized.NRS § 78.046(4): articles-based bench-trial election.Books-and-recordsTBOC § 21.218: narrowed; proper purposetightened.DGCL § 220: broad standard, judicialgloss.NRS § 78.257: 15% ownership threshold.Fiduciary baselineCommon law: Ritchie (2014); Estate ofPoe (2022).Chancery common law: Caremark, Revlon.NRS § 78.138(7): statutory exculpation.Adjudicating forumTX Business Court + 15th Court ofAppeals.Court of Chancery (1792) + Del. SupremeCourt.Bus. Ct. dockets: 8th Jud. Dist. (Las Vegas)+ 2d Jud. Dist. (Reno), WDCR 2.1.

How to read. Each row is one doctrine. The TBOC column carries Texas Business Organizations Code section numbers; the DGCL column carries Delaware General Corporation Law section numbers or controlling common-law doctrine; the NRS column carries Nevada Revised Statutes chapter 78 references. Every cell is pin-cited in the prose and figures above.

Sources. Tex. Bus. Orgs. Code ch. 21; 8 Del. C. ch. 1 (DGCL); Nev. Rev. Stat. ch. 78; 2025 reform-cycle enrolled bills at capitol.texas.gov.

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