Monetary amounts and assets managed by government agencies outside the annual budget appropriation of Parliament. – In the past, this was also widespread in Germany at all levels (hidden-fund nuisance; “old fund economy”), which greatly disturbed the unity, completeness and clarity of the respective overall budget and made control by the people’s representatives virtually impossible. Today, secondary funds are constitutionally prohibited. – In the case of an umbrella fund, a special class of shares, also called subfund, sub-subfund, and sub-subfund. – See fund economy, invalidity fund, nonaffection principle, parafiscus.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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