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This is one of the clearest reasons that when I get clients in my office looking to buy a home in an HOA I tell them to run and not walk away. This President is acting outside of the scope of the bylaws and he has no authority to do so from what you are describing. However, to stop him, aside from getting the required number of members and board members to call a special meeting to remove him (which it is likely too late now with the notice period your association requires in the bylaws) or to go to court on an emergency ex parte petition and motion for temporary restraining order to stop him from being able to act any longer as president and also to order him to comply with the bylaws and install the new officers. Unfortunately, this will take an attorney to get this into court and heard quickly before his June 20 reign of terror ends and your case becomes a moot point (as his attorney will try to stall things until then).
Once you get control of the board, you would then examine what he has done and if he engaged in any self dealing or improper behavior you can sue him personally on behalf of the HOA to make him pay for all of the damages and improper actions he took contrary to the bylaws.
These are your options I am afraid and aside from going to court you will not stop him any other way.
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