31) A "subordinated debenture" A) must be transferred with the bond to which it is attached. B) is used mainly by railroad companies and usually specifies equipment as collateral. C) entitles the bondholder to purchase shares of common stock at a specific price. D) is an unsecured bond with an inferior claim on assets in the event of liquidation. 32) A conversion feature allows A) the bondholder to redeem the bond before the maturity date. B) the corporation to convert the bond to other debt. C) the bondholder to convert the bond to common stock. D) the bondholder to demand increased collateral. Chapter 17 33) An increasing proportion of shares in the U.S. are owned by A) individual investors. B) corporations (Treasury stock). C) institutions. D) governments. 34) Given that there are 4,000,000 shares outstanding in Miller Corp., how many shares will be required for a minority group of stockholders to elect two of the nine members on the board of directors? (Assume cumulative voting is required.) A) 800,001 B) 1,000,001 C) 1,090,910 D) 888,889