Don't know if anyone's had a check yet, but if they have, my apologies for dual posting.
The FA Rules for this season are here: http://www.thefa.com/thefa/rulesandregulations
The section they seem to have got us under is section 3 'Affiliation of Clubs', which is page 99 at the top of the PDF version. Clause 'c' says that the FA determine who is a member, section 'f' says they can terminate membership on 'such terms as they deem appropriate' and clause 'g' says that membership can only be transferred from a member to a non-member if (i) all shareholders of the original member have voted to do that, (ii) all football creditors are fully satisfied, (iii) all other creditors are satisfied.
More worrying is on page 128, on how the FA define new clubs. This is under section 2 'Provisions relating to clubs', clause e 'Notifiable changes':
A Club shall not alter its constitution or make a material change to its ﬁnancial structure without prior notiﬁcation to The Association or if not a Full or Associate Member Club then the Parent Association of the Club. Any new entity shall be deemed, for the purposes of playing status in a Competition, to be a new Club.
For the purposes of this Rule, an alteration in constitution or material change in ﬁnancial structure shall include such as winding-up of a Club, incorporation of an unincorporated Club, an agreement by which all the assets and goodwill of the Club are sold or transferred, entry into compulsory or voluntary liquidation, the convening of a meeting of creditors or the appointment of a receiver, administrative receiver, manager or administrator or if the Club ceases for any reason to carry on business or becomes a holding company or subsidiary company within the meaning of section 736 of the Act.
Between the two of those, I think the FA have us skewered. Our only hope is to appeal not on the basis of the rules but their better natures.