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Not necessarily. Since it is a new HOA, it may still be under control of the developer, in which case, yes, he/she can indeed ignore the signatures and do what he/she wants.
But, once the development has reached a certain percentage of build-up, or a certain time has elapsed from the beginning of the development (these numbers depend on state law), control over the HOA is passed to the membership. The members elect a board to oversee the association; these board members almost always must also be association members. In many HOAs, the board hires a management company to run the day to day operation of things. In other HOAs, they self-manage, appointing different board members or association members to oversee specific issues, and hire out individual work that needs to be completed (lawn and vegetation care, facility maintenance, etc.).
The CC&Rs may be a time limited document, meaning that they expire after a certain timeframe (20 years might be typical), or they self-renew every 20 years, with the option to make changes to the document during hte last year or they may be a living document, where a certain percentage of the membership can approve changes to them. Typically the properties within an HOA do not have individual deed restrictions listed with each property. Rather, the deed will list that the property is a part of the association, and is subject to its CC&Rs. In the case of a non-living document, unless your state has granted the right for a percentage of the residents to approve CC&R changes (becoming more and more common), you must have 100% approval to change the CC&Rs. This basically follows the logic that if all parties to a contract agree to change it, it can be changed. In a living document, the percentage of approval to change CC&Rs is usually pretty high: usually 2/3rds or 3/4ths of the association must agree to the change. Most states also allow a percentage of the membership to force a vote; this percentage is usually much lower, can be as low as 10% or as high as 25%. So, if there are 50 members of the association, with 47 signatures, it can almost certainly be forced to a vote of the membership. However, if that 47 signatures is out of 2000 members, it is nowhere near enough to force a vote.
The management company has no say in determining rules or restrictions, so there is no point in petitioning them. You must petition the board to change the rule, or bring it to a membership vote to change a CC&R provision.