• This is a debenture payable to the holder or bearer.
• It is a negotiable instrument transferable mere delivery and free from equities.
• A bonafide transferee acquires a good title.
• Bearer can sue the company in his own name.
• This is a debenture issued to a registered holder i.e. registered the company.
• It is payable to the registered person.
• The company has particulars of a specific person.
• It is transferable the execution of an instrument of transfer.