EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

1-1 Whereas, The State of Delaware is recognized for its efficient and

1-2 professional judicial system that has earned international prominence in

1-3 many areas of the law, including particularly the areas of corporate,

1-4 business and commercial law; and

1-5 Whereas, As a part of that system, a Court of Chancery was

1-6 established to hear and determine causes and matters in equity, to grant

1-7 traditional equitable remedies and to resolve litigation relating to

1-8 corporations, partnerships, trusts, estates and other commercial and

1-9 contractual disputes; and

1-10 Whereas, The limited jurisdiction of such a court promotes greater

1-11 specialization to ensure that disputes are heard by judges with experience

1-12 and expertise in complex corporate and fiduciary matters, including

1-13 mergers and acquisitions, shareholders’ rights and the liability of corporate

1-14 directors; and

1-15 Whereas, The expedited proceedings of a Court of Chancery facilitate

1-16 the prompt and final resolution of disputes, thereby eliminating the delay

1-17 in litigation found in courts of general jurisdiction; and

1-18 Whereas, The establishment of a Court of Chancery in this state would

1-19 contribute to the development and stability of corporate and business law,

1-20 thereby ensuring consistency in decisions and expertise in the disposition

1-21 of such cases, and would make this state a more attractive location in

1-22 which to organize and conduct business; now, therefore, be it

1-23 Resolved by the Senate of the State of Nevada, the Assembly

1-24 Concurring, That the Legislative Commission is hereby directed to

2-1 conduct an interim study of the feasibility of establishing a Court of

2-2 Chancery in this state; and be it further

2-3 Resolved, That the study must include, without limitation, a

2-4 comprehensive assessment of:

2-5 1. Whether causes and matters in equity should be heard separately in

2-6 a court of limited jurisdiction from matters of law heard by a court of

2-7 general jurisdiction;

2-8 2. The organization and operation of a Court of Chancery, including

2-9 the development of a proposed structure and administration for the court

2-10 with consideration given to caseloads and facilities and personnel required

2-11 for the operation of the court;

2-12 3. The manner in which the judges for a Court of Chancery would be

2-13 selected if such a court were to be established in this state;

2-14 4. The qualifications required for such judges;

2-15 5. The jurisdiction of such a court; and

2-16 6. The manner in which the organization and operation of other courts

2-17 in this state would be affected if a Court of Chancery were to be

2-18 established in this state; and be it further

2-19 Resolved, That no action may be taken by the study committee on

2-20 recommended legislation unless it receives a majority vote of the Senators

2-21 on the committee and a majority vote of the Assemblymen on the

2-22 committee; and be it further

2-23 Resolved, That the Legislative Commission submit a report of the

2-24 results of the study and any recommended legislation to the 71st session of

2-25 the Nevada Legislature.