Disclaimer: I'm going to repeat what I've understood from comments made by other people on this board that are more knowledgeable than me. I might have gotten something wrong so anyone who is more of an expert, please correct me!
DVD builds and sells the resorts, but then it's the management company that manages the resort and takes all decisions after that. This in theory, in practice DVD keeps ownership of 2% of the resort and signing the contracts we delegate our right of vote on certain matters to DVD. For example budget approval, board nominees, those are all things that DVD still controls because they control the votes. That's why at the members meeting in December there is a vote and it always passes without discussion.
In theory, the members could gather the votes of the majority of the owners of a unit to gain a vote. But succeeding in gathering enough owners to take control of enough units to make a difference (and maybe nominate a different management company) is such an herculean task that we can say it's impossible. It would also be a serious act of self harm, given that a lot of benefits (like FP+ at 60 days, EMH etc etc) are given to DVC members by Disney and could be cancelled at any time.
However the management company, even if all the bosses are in practice nominated by DVD, must still make the interests of the members because the DVCMC has a fiduciary responsibility toward the members and the law regulates quite tigthly how a fiduciary should operate. Nevertheless, there are many ways to make the interests of the members and when in doubt, DVCMC will make choices that advantage Disney as well as the members.
My understanging is that the POS has sections that can modified only by "members vote", the same type of vote that approves the budget. Changes that must be approved by an explicit vote of the members (postal vote or something like that). And sections that can be amended by DVCMC at their exclusive discretion.
I'm not an expert enough to tell you which part can be modified how, but all the sections related to booking, reallocations, exchanges and most of the other aspects of the membership can be changed by DVCMC without a members vote.
So when I repeat ad nauseam that DVCMC didn't have the rights to reallocate points across different units, it'is because the current version of the POS forbids that. The POS allow to reallocate only between different seasons leaving the total points for each unit the same. However DVCMC could change the POS at any time to allow that.
Why don't they do that? Well, first of all they might still do it. Every year we must hold our breath until the new
point charts are published.
But then, we're back to the fiduciary responsibility of the management company toward the members. They could change the POS, but they can do so only for the membership gain (meaning, most members gain with the change, not that everyone will gain). Changing the POS to allow reallocation of points across units might be possible (I'm still unsure that it would be compliant with the law, though) , if the changes are then done to advantage of the membership. For example, creating a standard category at SSR was a good move on DVC part, they created a cheap and higher demand category for members while guaranteeing the best sections to members willing to pay a bit more. Moving points between bungalows and studios at Poly? Well, it would be debatable, given that the average contract is so small that very few members would be interested in bungalows anyway and the change would affect negatively everyone else. While possible, some owners could decide to sue DVCMC for such a change and who knows what a judge might decide?
However, the lockoff premium increase? I cannot see how one could argue that it's a net gain for the membership, I think that is dead and we'll never see it again.
As far as I know, the only change that has ever been done to the old resorts POS is the one allowing the change of UY to points belonging to the same unit. It was neutral for current owners, maybe a small gain for someone looking to add on direct or looking to sell because increases ROFR allow the resale prices to grow. And a big gain for DVD. That's an example of a change that DVC was able to do without a members vote.
