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.
Last modified: February 3, 2019