A lock cylinder having a barrel and a lock housing, the barrel having a locking cam pivotally mounted therein, the locking cam including at least one recess on an outer periphery thereof, a housing recess formed on an inner wall of the lock housing, a locking member that, in a locking position, is positioned at least partly in the housing recess formed on the inner wall of the lock housing, the at least one recess on the locking cam including a first recess on the locking cam, the first recess being sized to enable the locking member to move out of the housing groove, the barrel having a key slot for receiving a key, the key including a projection for causing the locking cam to rotate to bring the first recess on the locking cam adjacent to or into alignment with the locking member such that the locking member moves out of the housing recess and into the first recess of the locking cam and barrel slot to thereby enable rotation of the barrel in the lock housing.
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