A preferred stock that combines the features of both non-callable preferred stock and non-cumulative preferred stock. In other words, as a non-callable preferred stock,it cannot be redeemed or repurchased by the issuing company at a fixed date. Non-callable preference shares help companies by acting as a lifesaver during times of inflation. Having the features of non-cumulative preferred stock, it does not entitle its holders to receive any dividends that have not been earlier paid- i.e., skipped by a decision by the issuer’s management. The dividends attached to such a stock are not accumulated in arrears over time (and hence are known as non-cumulative dividends). Holders of non-cumulative preferred stock do not have the rights to any dividends if the dividends are not declared in the current period. Therefore, unpaid dividends will be missed and holders lose the right to any such dividends.