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What is the division of portfolios?

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In some countries ( and in our country before the revolution) a portfolio is called a Ministerial post. And there was even such a post as Minister without portfolio. After the appointment of a new Prime Minister who forms the government, begins "the division of portfolios" - what is the position to the Cabinet will get. In a figurative sense, this expression can be used to assign the highest positions in a Corporation.
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