I still think it comes down to "benefit of the members". It's a real stretch to say raising lock-off premiums by raising studios AND one bedrooms benefit a majority of the members.As you've said yourself, they have a fiduciary responsibility to us. And while it doesn't have to benefit ALL members, it at least has to help more than it hurts, or on balance even out. (For instance, the idea of reallocation across seasons...its a sum zero balance.) Raising studios and 1-beds without an equal discount in 2-bed hurts a lot of members while helping very few.
It could well be that once they got all these complaints, they passed these by the lawyers with a focus on that clause. Sure, all the changes were legal in the POS sense, but not legal in the "benefit the members" sense. When they realized they were looking at a lawsuit that they could potentially LOSE, it suddenly became smart to roll back the changes based on "member feedback". Of course this is just opinion, but it's based on the logic. As you said, if they didn't really break any of the legal requirements, then why roll it back?
It's why I think that we won't see them do the same thing next year. They will (I hope) take a closer look at the changes in regards to its effect on members. For instance, maybe they will raise studios and lower 1-bids, but in a way where the lockoff premium goes up slightly, but not enough to get people riled.
I do in fact believe that if they raised studios slightly and lowered 1-bedrooms slightly, it WOULD benefit the members as a whole. I think you'd see more people wanting to book 1-beds instead of studios, which would in turn free up studios. The higher point price on studios would also mean people booking in them couldn't book for as long, which would also free up availability. Yes, it would hurt some members, including myself, but I can easily see the overall benefit and it would improve things at every resort. It might even mean getting studios at 7 months aren't so hard, which even benefits those whose point premium was raised.