independent member
Defined in 1 dictionary — U.S. Code
United States Code
26 U.S.C. § 150 — under this chapter
The term “independent member” means a member of the board of directors of the issuer who (except for services as a member of such board) receives no compensation directly or indirectly—
(i) for services performed in connection with such transferee corporation, or
(ii) for services as a member of the board of directors or as an officer of such transferee corporation.