Tom -- Your analogies don't work. Associations have powers that corporations don't. If I become an ExxonMobil shareholder, the company cannot fine me, abridge my speech, take property without full due process or infringe on any of my constitutional rights. Moreover, if a public corporation operated with the financial recklessnes or secrecy of some HOAs, its board would be indicted.
You don't think things should be run from some far off state or capital? You mean like protecting the rights that were guaranteed in our country's constitution? Like imposing the same restraints and methods of accountability that are on all other forms of local governments? And, yes, I do understand that associations aren't legally "governments," but there are many instances where they are as if not more pervasive in residents' lives.
The U.S. Constitution was based on the fact that our founders didn't trust people. They knew better than to leave fate to the good intentions of leaders. Several Utopian communities thought they would thrive on those good intentions and failed.
Homeowners everywhere need some sort of guarantee that the Constitutional rights they surrender when they join an HOA will be limited, reasonable and unchanging. They need clearly defined processes for impeaching a board member. They need guaranteed access to accurate financial information (again, that ExxonMobil board would be breaking the law if it were to mislead shareholders).
Personally, I'll be running for the board of my HOA this summer with the intent of convening a committee of residents to draft a HOA Bill of Rights. But, I wish it wasn't necessary. Many of the "rights" I want are very basic and I think would be embraced by HOA residents from coast to coast, or at least throughout my state.