The question describes non-cumulative preferred stock. For this type of security, if the board of directors decides not to declare and pay a dividend in a given period, the preferred stockholders lose any right to that dividend. The missed payment does not accumulate and does not have to be paid in the future. This feature makes it similar to common stock in that dividend payments are not guaranteed and are at the discretion of the company's board. Therefore, the preferred stock holder is not entitled to a payment if a dividend is not declared on a non-cumulative issue.

A. bonds stock holder: This is an invalid financial term. Bondholders are creditors entitled to interest payments, not stockholders who receive dividends.

C. exchange stock holder: This is not a standard classification of stock. It does not define a stockholder's rights regarding dividend payments.

D. investment stock holder: This term is too general. While a preferred stockholder is an investor, this option is not specific to the non-cumulative feature described.

1. Berk, J., & DeMarzo, P. (2020). Corporate Finance (5th ed.). Pearson. In Chapter 23, Section 23.2, the text explains preferred stock features, stating, "If the dividend is non-cumulative, any missed dividend payments do not accumulate... the firm can pay current dividends to common stockholders without first paying the missed preferred dividends."

2. Ross, S. A., Westerfield, R. W., & Jaffe, J. (2019). Corporate Finance (12th ed.). McGraw-Hill Education. Chapter 14, Section 14.2, describes preferred stock and notes that for non-cumulative issues, "if preferred dividends are not paid in a particular year, they are not carried forward."

3. Fooladi, I. J., & Roberts, G. S. (1986). An Analysis of the Characteristics of Preferred Stock. The Journal of Financial Research, 9(3), 249–256. On page 250, the article distinguishes between cumulative and non-cumulative dividend provisions, clarifying that with non-cumulative preferreds, "the dividend is lost forever if not paid." https://doi.org/10.1111/j.1475-6803.1986.tb00443.x