Section 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.