Functions of Bylaws
Bylaws define the governing and operational rules of the corporation under which the board of directors and management must operate on behalf of the sharehold-ers. They specify when the board meets, when the shareholder meetings takes place annually, the term of office for board members, who appoints management and other governance matters.
Functions of Policies
Policies are set by the board and management to define the operations of the or-ganization, such as hiring and firing of employees, customer relations, charitable giving policies, and other operational matters.