Abolishing Covenants in Georgia

Our neighborhood has very outdated covenants that have almost no restrictions. They were written in 1969. Everyone would like to revise them but there is a clause in the covenants that says that they will automatically be extended. The language reads as follows:

These covenants shall become effective upon the signing of this instrument and shall remain in effect until January 1, 1979, when and from which time they shall be automatically extended for successive periods of ten (10) years each, unless and until by a concurring vote of the owners then owning a majority of the lots fronting on Lake Jodeco, as described in covenant ”2”, herein, they are amended, replaced or abolished at the end of any such ten-year period.

Is there any way around this clause? Does new law make it so that we can declare these old covenants invalid? I have heard that any covenants older than 20 years are considered void. Is this true? Can we abolish these anytime or only every ten years? Help!

Please send me your ideas and opinions.

Sounds to me like the first thing you do is to decide what the owners really want to do and then engage the services of an attorney experienced in Community Association Law.
There may very well be a more recent Georgia statute that addresses the problem.
Lou Day - Colorado