Lack of Board members

The current Board, prior to leaving, should then petition the court for receivership.

Receivership is not a good option. When an Association is under receivership, the receiver is appointed by the court to run the Association. As such, the receiver answers to the courts and not the members. However, the membership pays for the Receivers salary. Therefore, expect assessments to increase. The increase would be done based on court order, therefore, even if the governing documents prevented such an increase, it would not matter.

I strongly encourage you and your current Board to make this known to the membership.

Now, if there are no services the need to be provided (trash/recycling, snow removal, etc.) and if there are no common areas/elements (green area, playgrounds, amenities, etc.) that need to be maintained, it's also possible (but it's incorrect) to simply not have a Board and let the Association become inactive. However, the proper way to do this would be to dissolve the Association (which would require amending the CC&Rs).

I am not nor do I play a lawyer.

A receiver is appointed by the courts and will be paid for by the HOA. A typical receiver will be a law firm who charges quite a hefty fee. When the HOA runs out of money as in unable to pay the fee, then the owners can be assessed and assessed to death. Also who would want to buy into such a place.

Do not look upon receivership as anything but a last choice, death wish.

Once owners understand their options I am sure at least a few will step forward if for no other reason then self preservation.