If the maintainer (whether an individual, for-profit company or a not-for-profit foundation like the ASF or FSF) doesn't hold a copyright to all of the contributed code and documentation, they couldn't release it under an updated license (like the ASL2 or GPL3) or dual-license it for compatibility with other projects without getting clearance from each and every contributor.
If this seems "dodgy", bear in mind a couple of points:
1. You're not "giving up" the rights to your contribution, you are sharing the copyright with the organization. That is, your work is your work and you're still free to do whatever you want with it. You're just giving the organization the same rights, so that work that was once "copyright andyroid" is now (independently) "copyright andyroid" and "copyright whatever-project-you-contributed-to". You don't give up any rights, you're just giving some rights to others.
2. Re-licensing a project doesn't change the license for the already released work. I.e., if Oracle decides to only use a proprietary license for all future MySQL releases, that doesn't post-facto change the license on the previous releases. You (or anyone else) remain free to take the last GPL'ed version and run with it (under the terms of the license under which it was released). As crappy as that re-licensing decision might be, it really only impacts the stuff you use from them or contribute to them after the re-licensing occurs.