Debenture Stock

The debt or series of debts collectively represented by a series of debentures a debt secured by a trust deed of property for the benefit of the holders of shares in the debt or of a series of debentures By the terms of much debenture stock the holders are not entitled to demand payment until the winding up of the company or default in payment in the case of railway debentures they cannot demand payment of the principal and the debtor company cannot redeem the stock except by authority of an act of Parliament