I like the idea, but I do see the possibility for the feature getting abused. As charmian mentioned above, I think community permissions as far as owners/admins/moderators should be considered first. Or - a permission setting that could be toggled for each admin by the community owner would be sufficient to control which mod can have control over points.

Other things that came to mind:

• Say the community owner goes out of town - I think they should have the ability to freeze points transactions from happening until they get back.
• Similar to above - If a community has more than one mod responsible for points, there could be an option to require all points transactions to be approved by the community owner before they actually occur.
• The order history should say something like "from (community mod) on behalf of (community)"