A scheme that collects money from the public and uses it collectively for betting on horse races constitutes a 'managed investment scheme' under s 9 of the Corporations Law. Contributions are 'pooled' when collected into common accounts and used collectively, even if contributors have no proprietary interest in the pool and maintain separate accounts in the operator's records. The requirement that pooling produce benefits does not mean the benefits must be of a kind unobtainable without pooling. The definition should not be read down by reference to the regulatory consequences under Ch 5C.
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