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Thanks Scotlandx for your opinion and advice.
I spoke to Fair Trading – the advice from them didn’t seem quite so sound (maybe I am biased as it did not strengthen my positionJ). They advised me that changing the terms of a key deposit scheme is enacted by amending the by law. Proposals to amend bylaws needs to be posted on an AGM agenda and then voted in at the AGM. Once the vote is through the EC then needs to register the change of by law at the land registry.
Does this seem like sound advice to you? It seems to give all EC’s carte blanch to build a feifdom…
Regardless of the above, I am taking the punt that the EC did not carry out the above steps and will still pursue the matter.