Well, it can't be an actual merit cycling club, because that would be against the bitcointalk.org rules that were set in place long ago and that would not be allowed here.
There are no such rules about merit distribution. You can merit, cycle, or do whatever you want with them. There is only a rule that merit sources aren't allowed to sell their merits. There are no rules against organized criminal groups with foxes, cats, and breast pumps. 
What the DT community thinks about one's way to use his merits is a different topic though.
something like skulls and bones, but with cycling merits... deep dark stuff
There are also scented candles and dancing. It's deeply disturbing.