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* * * [HEH] minutes”. The document recites that the trustees may
elect or appoint managing directors or agents to “hold funds for
specific purposes”.
A document entitled “Minutes of Hawaii Environmental
Holdings”, signed June 1, 1993, states that the Creator, S.
Siegert, appoints Lee Allan Hansen as trustee.6 These minutes
also state: “At a regular meeting of the Board of Trustee(s), it
was suggested and unanimously approved” that Sparkman be appointed
“Agent” of HEH.7 These minutes further state:
The nature of his [Sparkman’s] title will be that of
President, and his responsibilities are to open bank
accounts, act as the official authorized signature [sic]
on said bank accounts and to operate the company to the
same extent as if he were the owner.
The HEH minutes state that one of the goals of HEH is “the
sale of solar energy”. The minutes state in part:
HEH shall * * * seek a tax shelter and advantageous tax
structure.
The trust will own all solar energy equipment held in trust.
* * *
The trustee will have complete discretion as to the
means used to accomplish the trust’s goals. This will
include distribution of the tax credits and depreciation
* * *.
6 Lee Allan Hansen is not otherwise identified in the
record.
7 Inasmuch as the sole trustee was purportedly appointed the
same day, it seems unlikely that Sparkman’s appointment as agent
was at the suggestion and unanimous approval of the “Board of
Trustees”.
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Last modified: May 25, 2011