Our by-laws also state no more than two consecutive terms...It also states that an officer to be has to have a student in the building or work for the school directly (lunch mom, staff). The only problem we have had is no one wanting to take over the job when a person's two years were up. I would suggest though that if there is someone who would like the positions that it would only be fair to give them a shot at it with no big election and wait until your other child is in the school to run again...it probably is the fairest way to do things. On the other hand if no one cares to take over the position I would tell the membership what the by-laws state and that you are willing to continue on and see what happens...good luck...I admire your dedication:)
Stay on the Board by running again as President and Vice-President? Or move down to other positions? That would make a difference to me.
Your by-laws are the rules by which your organization operates, so it sounds like you have the RIGHT to continue to be involved, that now you are looking at the internal politics of your school and whether or not proceeding will just be one more routine conflict that will fade or if it will create a big problem for your organization in the future. Also, how truly effective could you be with parents in opposition to you AND without the normal daily interaction of having a child attending the school.
I can see all the sides of this. Unless there was no one willing to run for President/Vice-President, we probably wouldn't feel it was appropriate for a parent without a child at the school to hold those positions. (Especially BOTH.) Another of my concerns as a parent might be the size of your executive board and how much power two parents without children in the school might have. We have about 35 people on our Board, so we'd probabaly welcome your help and work it out - depending on the positions. However, if we only had, say, 6 on the Board, I"m not sure how I'd feel.
Were we faced with your situation, I'd probably suggest pairing a co-chair (if it's a committee position) who currently has a child in school. Also, are there others willing to run for the same office? That would make a difference as well. Another thought, won't you be on the board anyway as "Past President" - serving sort of an advisory role?
I can understand wanting to follow through on projects I'd spent so much time creating, but don't you also want to spend you time being involved in your child's NEW school? I guess my final opinion would be for you to consider moving your efforts there and perhaps stay involved in the old school in some other role.