Can condo association "swap out" board for property manager?

We recently (yesterday) had our meeting for the condo association. All three association board members have stepped down. The president announced they found a property management company to possibly go with. She stated they told her that we do not need a board that they will handle everything. I say she is wrong that we do need a board to over see some things. How true is this?

Will a property management company take us on with our so in trouble balance we have in our account. I am so ashamed to even tell you what our balance is. It is less than $3,000.00. People have gone late on the condo association dues in the last 2-3 years with a total of $17,000.00 in the rears. I cannot believe this and I am asking for statements to show this. And this is why I say we still need BOD for our 15 unit condo association.

I so need these answers and I hope someone is out there to help. I acquired another Property Management company on my own and they told me YES you do need a BOD. Please help me as our next meeting is scheduled for May 2, 2010 to vote on this. Some people here live in a closet so I want them to be well aware of what is going to happen if we do not elect a board. Also things need fixing and I doubt if this all gets done before these people vote for management service.

I have a lot of mixed feeling about voting for management, but then again do we really have a choice? We can't even go to a lawyer with the little remains in our account. And I do not know why the rest of us were not informed of this large amount be back due. I am so angry that this happened to us. No condo association meetings in the last 3 years forced me into circulating a petition to get the meeting we just had. PLEASE HELP US or point me in the right direction. Thank you.