These community associations are governed by an extensive set of by-laws that each community resident agrees to abide by upon initially entering the community.
The act of disolving a homeowner's association is a very serious undertaking with an endless amount of serious implications that would need to be studied and agreed to by the associations membership.
Today's most common reason for the disbanning of of an HOA is a direct result to the current housing issue, resulting is vacancies, foreclosures, and inability of the association to maintain financial liquidity.
Any serious effort to disolve the HOA should be done through the existing HOA membership and support of legal counsel.
The by laws or articles of incorporation should explicity describe the process, and our by laws require 80% of the homeowners to agree. I would read those carefully, and I also agree you should consult a good attorney!
Best wishes, Jim, American Bank.