We didn't have a licence for the first couple of years and we still used the pool. However, the local town hall started clamping down and fining communities that didn't have the proper licences in place. I assume they were doing this more for the revenue side of things than for any real concern towards safety, as they never really bothered before.
Whilst we didn't have a licence we used to put a sign at the pool entrance stating that people must not use the pool. Therefore, those that did (which was most people here) were using it at their own risk.
Without a licence, if anything does happen in the pool then the president and the community can be held liable for an damages as a result of this.
It's risky but many communities I know have done, and still do, a similar thing.
Justin