This registered certificate for 5 priority shares No. 75 of the Club des Sports d'Aix-les-Bains complements the common-share certificate No. 183 of the same club, issued on the same day (18 May 1920). The distinction between common shares and priority shares reflects an elaborate capital structure: priority shares generally entitled the holder to a preferential dividend, before any distribution to common shareholders. This duality of share classes was common in interwar French commercial companies, allowing founding investors (priority) to be differentiated from second-tier shareholders (common). Aix-les-Bains, a great Savoyard spa town frequented by the European aristocracy and upper bourgeoisie, richly deserved this type of sophisticated financial structure.