This arrangement sounds the sort of set-up that most PPLs are crying out for.
As a student at a flying club, your hourly rate also pays for the clubhouse, electricity, salaries, etc, etc. And as a PPL, you are still paying for these things. Now I appreciate that that the a/c is 'owned' by the club, you are using their facilities and should pay accordingly. I've always thought that the PPL hourly rate is too close to the student rate.
It strikes me that these type of groups are a good half-way point between Club hire and Group ownership, but I'm sure that there must be a catch in it somewhere.