What happens to HOA if no BOD exists?

I know that somewhere in all of the many topics on this forum, I read an answer to this question, but my memory is fuzzy and I would appreciate if someone could help me.
At our last Annual Meeting, just barely making quorum, the discussion arose about what would happen if a new Board could not be elected. The HomeOwner was making the assumption that the old Board must serve forever.
My question is what would happen to the HOA if a new Board cannot be elected for whatever reason, and the old Board resigns in mass, moves away, dies from boredom-burnout-overuse-apathy-really, really dies...whatever??
I cannot remember what state agency steps in, how that is done, or anything else. Does the HOA cease to exist? Who controls it and how is the HOA billed for their services?
Hopefully, we won't get to that point in our HOA, but I'd like to be prepared to give a correct answer next time.
Thanks,
Gloria

Gloria the court would appoint a conservator to oversee the association's affairs; like Brittney Spears' dad does for her now. This person (Usually a lawyer) would be paid out of association funds to do so even if it means raising assessments. You do not want this to happen.

Brian and Glen, thanks for the uplifting advice! As I posted, this line of questioning came up at our Annual Meeting. I thought it was pointless as we had enough present and through proxy for a quorum (barely), and enough people nominated from the floor to go ahead with a vote for the BOD. But since the question was posed, I wanted to have more accurate information next time then what I remembered vaguely from reading on this forum. This HomeOwner wanted to hire a Management Co (which our very, very small HOA cannot afford to do) and not have a BOD. I told him our CCR's REQUIRE a BOD who have the authority to hire a Management Co, not the other way around. The HomeOwners don't want to dissolve the HOA...they just don't want to volunteer to do anything. I gather from this forum that apathy amongst HOA's is very common, especially if things are running smoothly as they are here. Maybe having a BOD that collects 100% of its dues, is prudent in spending, addresses violation issues quickly and fairly, and stays out of people's personal business can have a downside too. We don't annoy enough people to make them become involved. No good deed goes unpunished.
Thanks,
Gloria

I know that a MC without a BOD cannot and should not happen. It was making some other HomeOwners, who just want to delegate responsibilities and duties to others, understand that. I'll wager that a large majority of the HomeOwners have never really read through their CCR's...I am making the assumption that they even know where they are!
Each time a raise in dues comes up for a vote, it is voted down yet grandiose plans of upwardly spirally expenditures keeps being brought up by the same HomeOwners. Then the BOD has to bring everyone into a reality check by living within our meager budget. It was like pulling teeth to force the issue of starting a Reserve Fund this year, but I persisted siting our direction in the CCR's to do so.
Now at least, I can present accurately what would happen if everyone decided to stop volunteering for BOD positions. I know that I myself would not like that to ever happen...and hopefully I am not alone.

From experience (in Arizona at least), all you really need to run an HOA is one person to "volunteer". we ran an HOA for many years with just two board members, for example, and one of them was not active, just a back up in case the other guy got killed by a bus or something. One active person is all that it takes to keep an HOA out of receivership.

Harold,
The BOD did raise dues this year as allowed within our CCR's by 5%. Anything above that requires 2/3 assenting vote by the entire membership. Considering that we are only 27 homes, and 5% of $300 annually comes to a whopping increase of $405. We are not increasing our available funds by very much. Our normally collected dues total $8,100, plus the additional $405, brings this year's total to $8,505...not a whole lot to play with after insurance for BOD, retainer for our attorney, electricity, water, lawn maintenance. Seasonal plantings are additional...pine straw is additional...painting for the fencing is additional...AND we are finally starting to establish a Reserve Fund.
We cut out any funding of social events and now are trying to get volunteers to do the seasonal plantings, so our BOD is being very judicious with the little funds we do have. Yet the HomeOwners dream of a Management Co., adding lights to the existing stone columns, running electricity under the street so we have power on both sides. The list goes on and on, yet the dues increases keep getting voted down. Makes me wonder where they think the money will come from.
I think we have about eliminated all the "discretionary spending" we can find. Boy, we sound pretty pathetic, huh?

Susan,
I like the questions, and our HOA answers are not that bad.
We are a young HOA, just taking over from the developer about 5 years.
Past?--Messy from developer's construction
Today?--Manicured, and have expanded the stone columns and plantings in our entrance and in the process of joining the GA POA.
5, 10, 20 years?--Add lights, electricity, more landscaping
How (the vision)?--This is the one question that needs to be developed, expanded and implemented.
As far as hiring professional people to help with strategic planning... we need to have more money left over after paying for the necessities of life before we head down that road.
So we'll just have to continue to work on the gap between financial reality and dreaming.
Thanks for the thoughts.