North of the Border: A change in equity law for Scotland?

- Gavin Henderson
- 26 Apr 2012
- Indicative reading time: 2 minutes

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The Lloyds TSB Foundation for Scotland is an independent charitable organisation, and one of four that distributes 1% of pre-tax profits for the bank to various charities.

The detail of the arrangement between the two groups is governed by a deed of covenant, which states that the foundation will receive whichever is greater: one-third of 1% of Lloyds' pre-tax profits

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