Which of the following is NOT a correct distinction between shares and debentures?

If a company is in insolvent liquidation debenture holders are paid in priority to shareholders.

Unlike dividends, debenture interest must be paid, even if a company is trading at a loss.

Both share and debenture holders are members of the company and entitled to vote.

Debenture interest is deductible from gross profit in order to determine taxable profit. Dividends are profits.