Sort of. I think what generally happens is that the real owner writes the rules, sells you a share for a pound with the written condition that you can/must only sell it back to him. Of-course with this sort of arrangement he can't legitimately make a profit, only have you paying actual operating costs.
So, the owner gets useage up, and hourly costs consequently down, somebody gets cheap flying with restrictions, and the CAA doesn't actually see any rules broken. Legally grey, but probably safe - which at the end of the day is what really matters.
I belonged to one for a while that belonged to an RAF station flying club, it worked.
G