Right, but even if that is the case, all that means is that club has the money and the Society has the shares - which was the original intent.
The mechanism for creating that situation probably has financial regulation laws that means shares have to be purchased (although that is speculation on my part as I'm out of the loop for UK regulatory stuff these days).
From an end result perspective, however, I don't think it makes any difference if we give the club access to the money raised and they donate shares, or if we 'purchase'the shares with Society funds.