§ 302. Certain directors to be local residents. The certificate of
incorporation of any corporation qualifying hereunder shall provide
that, during the period of its existence as a railroad redevelopment
corporation, one-third of the members of its board of directors shall be
residents of the counties served by such corporation and shall be
otherwise unaffiliated, directly or indirectly, with such corporation or
any stockholder thereof; and that the individuals who are elected
initially as such directors shall continue to serve throughout such
period, except that, in the event any of them shall die, resign, or
become incapable of performing the duties of a director, a successor or
successors shall be named by the remaining such directors.