Certificate illustrated by the Hôtel la Roseraie, known as the Demoiselle d'Ilbarritz, built on the hill of the same name. Inaugurated in 1928, the Palais de la Roseraie was then one of the most beautiful addresses on the Basque coast, it was also Joseph Hiriart's most ambitious project.

The casino hotel was built between 1926 and 1928 by Alexander Stavisky (who would soon become the most famous crook in the world).

Following the economic crisis of 1929, the Roseraie closed its doors. The building was then converted into a hospital, then a rehabilitation center for war disabled, then a summer camp.

Certificate with all coupons, a sign that no dividend has ever been paid to shareholders....