Don't even bother with the legal route. You could try proving the contract was “unconscionable” but the CTTT has, in the past, prove d to be pro-caretaker and anti owners in these issues, so you could be wasting your time, energy and money.
You need to get information out to all owners about what this person is doing to your building. But remember, non-resident owners generally respond to only one issue – the value of their property.
So don’t make it about personalities or historical grudges. Instead, get quotes from local real estate agents about how much more owners could get in rents and sales if the building was properly managed.
Then a couple of weeks before the AGM, you and your supporters should send this information out by mail, plus your list of preferred EC members, with proxy forms and stamped addresses envelopes for their return. If you can, blindside the caretaker and his cronies.
All new proxies cancel out previous ones so your “slate” will be elected and you can start getting your caretaker back to work.
Once that is sorted out, the Owners Corp should raise the money to buy the contract from the Caretaker, then you can employ the next one and they'll be working for you, as it should be.