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TRUST COMPANY
  (THU108.05' 93 10:16/ST. 10:15/NO. 3560228847 P 2 SECB£TARV OF STATE •91
  VISION OF CORPORATIONS ILED 10:00 AM 08/05/1993 723217016 - 217G324 EXHIBIT
  4.1 CERTIFICATE OF DESIGNATION" OF PREFERENCES, RIGHTS AND LIMITATION OF
  SERIES S VOTINS, NON-COJTVERTIBI.E/ REDEEHABLE PREFERRED STOCK FAR VALUE $.01
  PER SHARE OF EOROPA CRDISES CORPORATION that: Charles H. Reddien and Sharon
  Petty hereby certify A. They are the President and Secretary, respectively,
  of Europa Cruises Corporation, a Delaware corporation (the
  "Corporation"). B. The Corporation's Articles of Incorporation
  authorize the issuance of up to 5,000,000 shares of Preferred Stock, par
  value $.01 per share. C. Pursuant to the authority conferred upon the Board
  of Directors by the Articles of Incorporation, arid pursuant to the
  provisions of the Delaware General Corporation Lav, said Board of Directors,
  by action on the 14th day of providing for the designation of a series of
  926, June, 1993, 000 shares of Series S Preferred Stock, par value $.01 per
  sharp, which action was as follows: That pursuant to the authority expressly
  granted and vested in the Board of Directors of this Corporation in
  accordance with the provisions of its Articles ofjIncorporation, a series of
  preferred stock of the Corporation be], and it hereby is, designated
  "Series S Voting, Non-Convertible Redeemable Preferred Stock, par value
  $.01 per share" (the "Series S Preferred Stock"), said series
  to consist of 926,boo shares. The powers, designations, preferences and relative
  participating, optional or other special rights and the Qualifications,
  •limitations and restrictions of the Series s Preferred Stock shall be as
  follows: ' 1. Number and Designation, The number of shares to constitute the
  Series S Preferred Stock shall be 926,000 shares and the designation of such
  shares shall be "Series S Preferred Stock:, par value $.01 per
  share." 2. Liquidation. (a) Preference. In the event of any voluntary or
  involuntary dissolution, liquidation, or winding up of affairs of the Corporation,
  after payment or provision for payment of the debts and other liabilities of
  the Corporation, trie holders of the Series s Preferred Stock shall be
  entitled to [receive out of the assets of the corporation, whether such
  assets are capital, 

  

 

	
  

  	
  'FROM
  CORPORATION TRUST COMPANY (THU) 08.05' 93 10:17/ST. 10:15/NO, 3560228847 P 3
  surplus or earnings, an amount equal to the Liquidation Value of each share
  of Series S Preferred Stock before any payment shall be made or assets
  distributed on the common Stock. After payment to the holders Preferred Stock
  of the amount to which such holders are entitled as set forth above, the
  remaining assets of the of the Series S :orporation, if any, shall, subject
  to the rights of the holders of the Corporation's Preferred Stock, be
  distributed ratably among the holders of the Corporation's Common Stock. |
  (b) Partial,Payment. If upon any,dissolution, liquidation or winding up of
  the affairs of the Corporation, the assets of the Corporation distributable
  among th<£ holders of the Series S Preferred Stock and all other classes
  oijr series of Preferred stock ranking as to assets pari p_asu thereto shall
  be insufficient to permit the payment to them of the full preferential
  amounts to which they are entitled, ,then the entire assets of the
  Corporation to be so distributed shall be distributed ratably among the
  holders of the Series S Preferred Stock and such other classes or series of
  Preferred Stock ranking as to assets pari pasu thereto, in proportion to ithe
  sum of their respective per share liquidation values, until payment in full
  of such amount per share. (c) Licmidation Value. The Liquidation share of
  Series S Preferred Stock as of any parti|cul be $1.08. Value per cular date
  shall 3. Voting Ricrhts. The shareholders ofj the Series S 'preferred Stock
  shall have full voting rights on all matters upon which the shareholders of
  the Corporation are entitled to vote. Each share of Preferred Stock shall be
  entitled tp one vote per share. The holders of the Series S Preferred stock
  may vote either in person or by proxy. The shareholders or the Series S
  Preferred Stock, shall foe entitled to notice of all regular and special
  shareholder's meetings and copies of all proxy and other materials provided
  to the shareholders of the Corporation at the same time and in the same
  manner as the shareholders of the Corporation. . ' I The Corporation shall
  not, without the consent of the holders of at least 51% of the Series S
  Preferred Stock then outstanding, given in person or by prosty, either in
  writing or by vote at a meeting called for that purpose at which the Series S
  Preferred Stock shall vote as a Class, by amendment to the Articles of
  Incorporation of the corporation or by merger or consolidation or in any
  other manner alter or change the preference, special rights or powers given
  to the [holders of the Series S Preferred stock by the Articles of
  Incorporation. 

  

 

	
  

  	
  * FROM
  CORPORATION TRUST COMPANY (THU) 08.05' 93 10:17/ST. 10:15/NO. 3560228847 P 4
  4, cumulative Dividends. Dividends oh the Series s Preferred Stock shall be
  payable at the rate of three percent (3%) per annum, .payable quarterly to
  shareholders of record as of March 31, June 30, September 30, and December 31
  of each year Payments of all from legally available funds and are cumulative,
  dividends on the Series S Preferred Stock shall be made before any dividends
  are declared and paid on the Common Stock of the Corporation ("Common
  Shares"); provided, however\t the Series S Preferred Stock shall not be
  entitled to the payment of any dividends or other distribution resulting from
  the spin-off to Europa shareholders of Casino World Inc. and Mississippi
  Gaming Corporation. 5. Conversion. The holders of shares Preferred Stock
  shall not be entitled to convert sliares of Common Stock of the corporation.
  of Series S such shares into 6. Redemption. The Preferred Shares are
  redeemable at the option of the company, at any time, in whdle or in part. If
  the Company elects to redeem the Preferred Shares, the Company will pay to
  the holder a redemption fee of 1% per quarter for each quarter the shares
  have been issued and outstanding prior to the Redemption Payment. IN WIS/NESS
  WHEREOF, the Corporation has caused this Certificate to be signed by Charles
  H-^Reddien, president, and Sharon Petty, its Secretary, this /Cs^&day of
  June, 1993. EUROPA CRUISES CORPORATION Charles H. Reddien Its President:
  Petty /Its SecretarySENT BY'Potter
  Anderson & C, ; 9-13-93 i 12U4 ; HAILROOH DEPT. •« 302 739 3812t» 3 STATE
  OF DELAWARE . , SECRETARY OF STATE DIVISION OF CORPORATIONS FILED 12:00 Prt
  09/13/1993 543256001 - 2178324 Or DMXOMMIOJC 0? PWZJUEVCIf , JUOTTf U0>
  LXMITlJPtcarg 07 •XXIBI i-3Wt 70TXJW, PUTOUUD •TOOK vui VJUMJI 9.01 P» woai
  aw Charles H. Reddien and Sharon Petty hereby certify that: A. They are the
  President and Secretary, respectively, of Europa Cruises Corporation, a
  Delaware corporation {the "Corporation11). B. The Corporation'* Article!
  of Incorporation authorize the issuance of up to 5,000,000 shares of
  Preferred Stock, par value $.01 per share. C. Pursuant to the authority
  conferred upon the Board of Directors by the Article* of Incorporation, and
  pursuant to the provisions of the Delaware General Corporation Lav, aaid
  Board of Director*, by duly adopted resolution* on the 2nd day of September,
  1993, providing for the designation of a series of 900,000 shares of Series
  S-NR Preferred stock, par value $.01 per share, which resolutions are as
  follows« RESOLVED, that pursuant to the authority expressly granted and
  vested in the Board of Directors of this Corporation in accordance with the
  provision* of its Articles of Incorporation, a series of preferred stock of
  the Corporation be, and it hereby is, designated "Series S-tfR Voting,
  Non-Convertible Non-Redeemable Preferred Stock, par value $.01 per
  chare" (the "Series S-NR Preferred Stock"), said series to
  consist of 900,000 shares. The powers, designations, preferences and relative
  participating, optional or other special rights and the qualifications,
  limitations and restriction* of the Series S-NR Preferred Stock shall be as
  follows! 1. Number and Designation. The nunber of shares to constitute the
  Series S-NR Preferred Stock shall be 900,000 shares and the designation of
  such shares shall be "Series S-NR Preferred Stock, par value $.01 per
  share.*1 a. Liquidation. (a) Preference. In the event of any voluntary or
  involuntary dissolution, liquidation, or winding up of affairs of the
  corporation, after payment or provision for payment of the debts and other
  liabilities of the Corporation, the holder* of the Series s-NR Preferred
  Stock shall be entitled to receive out of the assets of the corporation,
  whether such assets are EXHIBIT 4.2 

  

 

	
  

  	
  SENT BYlPotter
  Anderson & C, ! 9-13-93 : 12U5 ! HAILROOM DEPT. -» 302 733 36121* 4
  capital, aurplua or earnings, an amount equal to the Liquidation Value of
  each share of series fl-HR Preferred Stock before any payment shall be made or
  assets distributed on the Common Stock. After payment to the holders of the
  Series SNR Preferred Stock of the aaount to which such holders are entitled
  as set forth above, the remaining Msets of the corporation, if any, shall,
  subject to the rights of the holders of the Corporation's Preferred Stock, be
  distributed ratably among the holders of the Corporation's Comaon Stock. (b)
  Partial Payaant. If upon any dissolution, liquidation or winding up of tha
  affairs of the Corporation, the assets of the corporation distributable among
  the holders of the Series S-NR Preferred Stock and all other classes or
  series of Preferred Stock ranking as to assets EirJL KAfJU thereto shall be
  insufficient to permit the payment to them of the full preferential amount*
  to which they are entitled, then the entire assets of the Corporation to be
  so distributed shall be distributed ratably among the holders of the Series
  B-NR Preferred Stock and suoh other classes or series of Preferred Stock
  ranking as to aisets nari jam thereto, in proportion to tha sum of their
  respective per share liquidation values, until payment in full of such amount
  per share. (c) Raorganiiation. For the purposes of this Section 2, a
  liquidation, dissolution or winding up of the affairs of the Corporation shall
  not b« deemed to be oocasionsd by or to include the sale of all or
  substantially all of the assets of the Corporation or the acquisition of the
  Corporation by another entity by means of a merger, consolidation or other
  reorganization. (d) Liquidation Valua. The Liquidation Value per share of
  Series S-NR Preferred Stock as of any particular date shall be $1.11 per
  share plus accrued dividends, if any. * 3. Voting Rights. The shareholders of
  the Series 8-HR Preferred Stock ahall have full voting rights on all matters
  upon which the shareholders of the Corporation are entitled to vote. Each
  shars of Pr«f«rr«d stock shall ba entitled to one vote per share. The holders
  of the Series S-NR Pref«rr»d Stock may vote either in person or by proxy. The
  shareholders of the Series SNR Preferred Stock shall be entitled to notice of
  all regular and special shareholder's Beatings and copies of all proxy and
  other materials provided to the sharaholdars of the Corporation at the Barn*
  tim« and in tha san« manner as the shareholders of the Corporation. The
  Corporation shall not, without the consent of th« holders of «t least 51% of
  the 8«ri«s S-NR Praforrad Stock thsn outstanding, given in person or by
  proxy, 

  

 

	
  

  	
  SENT BY:Potter
  Anderson & C. ; 9-13-93 ,' 12U6 I MAILROOM DEPT. •• 302 733 3812',* 5
  •ithar in vritina or by vota at a meeting oallad for that purpoaa at which
  tha Seriea B-NR Prafarxad Stock shall vota at • Clan/ by aaandaent to tha
  Articlaa of Incorporation of tba Corporation or by margar or oonaolidation or
  in any othar Banner: (a) altar or change tha prafaranoa, apaaial right* or
  pcvars givan to tha holdar* of tha Sariaa S-NR Prafarrad stock by tha
  Arbiolaa of Inoorporatlonj or (b) incraaaa tha nuabar of author iced aharaa
  of tha Prafarrad Stock to aora than 5,000,000 aharaa. 4. flfln-fflmulativa
  Pividanda. Dividanda on tha Cariaa fl-NR Prafarrad Stoak ahall ba payabla at
  tha rata of thraa parcant (3%) par annun, payabla quartarly to aharaholdara
  of record aa of March 31, Juna 30, Saptenber 30, and Daoanbar 31 of aaoh yaar
  front lagally availabla fund* and ara non-cumulative. Payaanta of all
  dividanda on tha Sariaa S-NR Prafarrad Stock shall ba mada bafora any
  dividanda ara daolarad and paid on tha coaaon Stock of tha Corporation
  ("Coaaon Sbaraa1*}. Tha Sariaa 8- NR Prafarrad Stock ahall participate
  pro rata in any dividand doclarad on the Company '» Coamon Sharaa. 5.
  Convaraion. Tha holdara of aharaa of Bariaa B-NR Prafarrad Stock ahall not ba
  entitled to convert auoh aharaa into shares of Common Stock of tha Corporation.
  6. Redemption. Tha Prafarrad Sharaa ara not radaaaabla by tha Company. IN
  WITNESS WBBR20F, tha Corporation haa oauaad this certificate to ba aignad by
  Charlai &. Raddian, Praaidant, and Sharon Patty, it* Secretary, thia 8th
  day of September, 1993. EUROPA CKUISES CORPORATION il*- Charlai H. Raddian
  Ita Praaldant /Sharon Patty ' Ita Saoratary

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