1.3 Questions relevant to the determination of whether a horse racing scheme is a managed investment scheme

Question 1: Do people contribute money or money’s worth as consideration to acquire rights (“interests”) to benefits produced by the scheme (whether the rights are actual, prospective or contingent and whether they are enforceable or not)?

Question 2: Are any of the contributions to be pooled, or used in a common enterprise, to produce financial benefits, or benefits consisting of rights or interests in property, for the people (the “members”) who hold interests in the Scheme (whether or not as contributors to the scheme or as people who have acquired interests from holders)?

Question 3: Do the members have day-to-day control over the operation of the scheme (whether or not they have the right to be consulted or give directions)?