Larry Ribstein is slumming at the Harvard Corporate Governance Blog, where he examines the recently adopted North Dakota Publicly Traded Corporations Act. Larry describes the default rules of the Act as a "set of provisions that looks like a shareholder rights advocate's wish list," but he observes that "if corporations really want these provisions, they don't need to go to North Dakota." Given the relative paucity of such corporations on the modern landscape, Larry concludes that "the ND experiment is less interesting than it may seem."

I spoiled the punchline, but you really should read the whole post.

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