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While bylaws are generally mutually agreed upon governing rules for an organization or business, covenants are usually long-term promises to do something or refrain from action that may last for several generations.
What Happens When Covenants Expire. Once the HOA covenants expire, the board effectively becomes powerless. This means that the HOA cannot enforce the collection of assessments, cannot enforce architectural standards, and cannot regulate the use of common areas and common facilities.
Covenants, Conditions & Restrictions (CC&Rs) This is a legally binding document that is officially recorded and filed with your state. Your CC&Rs cover the rights and obligations of the homeowners association to its members and vice versa.
The rules of an HOA are legally binding for association members, but they generally aren't enforceable by the police. Violations of HOA guidelines are considered a civil matter between the HOA and non-complying members. The exception to this is if HOA's rules overlap with other laws.
Without an association there is no mechanism for a vote; amendment of the CC&R's would have to be done collecting signatures on a document to terminate them. The CC&R's are where the deed restrictions are found. If the owners choose to terminate the CC&R's then the deed restrictions would also be removed.