A perpetual type of debenture, called DEBENTURE STOCK, issued particularly by the British railroads, which had no fixed date of maturity or other provision for repayment of the principal, except in case of liquidation. Debenture stock of the British railroads was issued in both redeemable and irredeemable types with interest rates ranging from 2.5% to 5%. The British government took over the British railroads in 1939 as a war measure at a fixed annual rental, and under the terms of the Transport Act of 1947, approved August 6, 1947, the British railroads were nationalized as of January 1, 1948. Security holders, including holders of irredeemable debenture stock, received 3% Guaranteed British Transport Stock, with maturities of 1978-1988 and 1968-1973.
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