what is the difference between a by-law and a policy
The Difference Between Bylaws & Policy. When a company incorporates, there are two main parts of the incorporation paperwork: the articles of incorporation and the bylaws. When a board of directors or top management of a company or organization meets to make decisions, they set policy. Function of Bylaws.
Bylaws only can be changed, in most cases, by a vote of the shareholders. Policies can be changed by board or management decisions.