No volunteers for Board

'search' for [court appointed receiver]

You'll have to contact an attorney to see how receivership works in Texas, but to start, how many people are left on the board? It sounds like two, so you'll have to start there. Have a sit-down with the outgoing board member and the person who was re-elected and tell them what receivership is and what it'll mean to the management of the association. Basically, here's what they have to look forward to:

A court will have to appoint a receiver to run the association - he or she only answers to the court, so homeowners will have NO SAY WHATSOEVER on how the community is run. For example, if the receiver finds a special assessment or two (or more) are necessary to pay the association's bills, it will not matter if the association documents state these have to be approved by the homeowners. All the receiver will have to do is explain the situation to the court and if it agrees it's necessary, the receiver will be able to assess it according. There won't be a damned thing the homeowners can do about it.

Even if there's no need for a special assessment, the association will have to pay the fees of the receiver, plus court costs, so homeowners can expect assessments to be increased (a lot) because it still has to pay the property manager (you), operating costs and fund reserves (although I wouldn't be surprised if this bunch has a reserve fund and probably doesn't know what a reserve study is).

Property values will take a beatdown because no one will want to move in a community where the homeowners don't have a say in how it's run (because they didn't care enough to volunteer to run for the board).

Hopefully, that will scare the remaining board members to death, who will then send a strongly worded letter to homeowners explaining the situation. They should also call for volunteers to step up or call a special meeting to have an election. I'd also set a deadline - if no one volunteers by a certain date, the last thing the remaining board members will do is talk to the association attorney about petitioning the court for a receiver. And then do it if the deadline comes and goes, but everyone continues to sit on their hands.

Another alternative might be to dissolve the association, but if it has common areas it's responsible for, its maintenance will have to be taken over by something or someone - which can take time and cost more money (which would also be the homeowners' responsibility until the areas change hands). The board will have to speak to the association attorney to see if this can be done and how to do it.

Since you're property manager, you may also want to speak with your supervisors and/or company attorney, if you have one, and decide what you will do next, as you don't want to be held liable for something the board should do but can't or refuses to and you know you can't do anything without the board's approval. You might want to have that conversation before meeting with the board, as well as review your contract to see what it says about terminating the contract. Have your supervisors or company attorney (maybe both?) attend that meeting with you so they will understand what's at stake.

Thanks for all the information! I will research the receivership and consult the associations legal team. As the manager, my goal is to keep the board full as per the governing documents. I would like to present to the current board what will happen if a replacement is not found and either convince the current member to re-run or to convince one of the owners to volunteer.

Other things to consider:

The courts don't look favorably on large Associations (100+) that can't find volunteers when appointing receivers.

The Receiver answers to the courts not the membership.

Typical imposed limits on assessments are out the window.
As has been mentioned, the assessments will increase (by court order) to pay the receiver and their assistants.
If the receiver determines work needs to be done that there are no funds for, the court will likely approve special assessments to pay for the work.
If the reserves are not funded, the court may raise assessments to fully fund.

Consequences:

Sales will likely drop as few will want to purchase within an association that is under receivership.
If sales drop, sellers may need to sell well below market value to make the sale. If enough of that occurs, your property value can be affected.