Debentures which are transferable by mere delivery are:

Debentures can be classified based on their transferability into two types: Registered Debentures and Bearer Debentures.

Registered Debentures have the holder's name recorded in the company's register of debenture holders. Their transfer requires execution of a transfer deed and registration with the company, similar to the transfer of shares.

Bearer Debentures, on the other hand, are negotiable instruments where no name is recorded in the company's books. These debentures are transferable by mere physical delivery from one person to another, just like currency notes or bearer cheques. The person who physically possesses the debenture certificate is presumed to be its owner.

The key distinction lies in the transfer mechanism:

Registered Debentures → Transfer deed + Registration with company

Bearer Debentures → Simple physical delivery (no formalities)

First Debentures and Unsecured Debentures represent different classification bases. First Debentures relate to priority of charge on assets, while Unsecured Debentures (also called naked debentures) indicate absence of security. Neither term describes the mode of transfer.

Therefore, Bearer debentures are transferable by mere delivery.