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Most likely, the answer is yes. However, you’ll need to refer to your CC&Rs for the exact language. Usually the language will specify when a % of the homes / properties have been sold, or when a certain date as past.
There may also be some changes in the powers and duties when transferred from the Declarant to the homeowner board. Usually you’ll see something like “class members” defined.
Most often, the declarant has a little more authority, higher voting percentages per lot, or even the ability to amend the governing documents. Once transferred to the board, they have to follow the steps within the bylaws to have the governing documents amended (which usually involves a super majority vote of the owners).
Hope this helps!
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