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12:05 May 26, 2000
French to English translations [PRO]
French term or phrase: Actions ....
Hello All, could somebody please explain the difference between 'actions a dividende prioritaire sans droit de vote' and 'certificat d'investissment' as they are both translated as 'non-voting preference shares' by the Robert & Collins du Management. Merci d'avance.

Summary of answers provided
na"Non-voting preference shares" or "share with priority (...etc.)", vs. "investment certificate"Louise Atfield
nasharesEnel Diamond
napreference shares/investment certificates
Béatrice Huret-Morton
naSharesAnthony Saulter



54 mins

Action: Titre cessible et négociable representant une fraction du capital social (dans une société anonyme en commandite par actions) [Le Petit Robert].

Share: Any of the equal portions into which property or invested capital is divided: specif: any of the equal interests or rights into which the entire capital stock of a corporation is divided and ownership of which is regularly evidenced by one or more certificates [Merriam Webster's Collegiate Dictionary - Tenth Edition]

Anthony Saulter
PRO pts in pair: 4
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2 hrs
preference shares/investment certificates

"Certificat d'investissement" is a French concept. This is why there is no standard translation, although the most accepted translation is "investment certificate". Depending on your audience, you may also leave it in french.



Béatrice Huret-Morton
Local time: 17:40
Native speaker of: Native in FrenchFrench, Native in EnglishEnglish
PRO pts in pair: 300
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3 hrs

investment certificates

Enel Diamond
Native speaker of: Native in Haitian-CreoleHaitian-Creole, Native in FrenchFrench
PRO pts in pair: 7
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6 hrs
"Non-voting preference shares" or "share with priority (...etc.)", vs. "investment certificate"

"Certificat d'investissement :
One site says:
"Un certificat d'investissement s'apparente à une action sans droit de vote. Il résulte du démembrement d'une action ordinaire en deux parties : un certificat de vote et un certificat d'investissement.

Le titulaire a accés aux documents sociaux, au versement d'un dividende et à l'attribution d'actions gratuites lorsque c'est le cas."

"Certificat d'investissement prévilégie: Certificat d’investissement ayant un droit préférentiel sur la masse des dividendes."

Another site says:

"Un certificat d’investissement est une action sans droit de vote. Par conséquent, un possesseur de certificats
d’investissement n’a pas le statut d’actionnaire. Pour récupérer ce statut, il droit acheter des certificats de droit de vote. Par contre le certificat d’investissement a le même droit aux dividendes que l’action , est négociable et peut être coté en bourse." ( d'investissement)

It seems to me that the difference is that, with an "investment certificate", you get only the "dividend" but not the "voting" part of the deal; but you can purchase the right to vote to make is a full share. With a "action a dividende prioritaire sans droit de vote", as stated in my response to your first question, the shareholder has priority on dividend payments and automatically gets voting rights if those payments are not paid three times and has those rights until full payment is made. Although neither has voting rights, the two are very different things. "Non-voting preference shares" might be the translation for "certificat d'investissement previlegié" mentionned above?

Louise Atfield
PRO pts in pair: 300
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