"Is it possible?" What does the club bylaws say about it?
are there bylaws?
If its how the protocol works, then it would be in line with protocol.
However, If the wishes are strongly made by board (I'm imagining a unified and unanimously agreeing board), and it's a Pres. veto that cans it, then a great president would come back with some kind of counter offer, or some way of at least recognizing the strong feelings of the board.
I don't think most of us out here on the forum ever really want to get on the inside of the actual issue that came up. It's probably better that way. (not knowing)
If a president doesn't make a great action of working toward hapiness and resolution, then the board could come up with an altered proposal, or try to move it again later, or wait till elections come up.
not much good comes out of waiting for the other side to do something, especially if it multiplies any latent spite going on.
*my use of great is in the Acceptable - Good - Great spectrum.