You can think of the covenants -- properly, covenants, conditions, restrictions and reservations (CC&Rs) or decs (condominium declaration) -- as the association's constitution.
The By-Laws, then, are amendments to that constitution.
Together, and with any board resolutions and board meeting minutes, all these documents make up the governing documents for an association.
Different documents require different vote percentages of the membership -- owners -- to modify or amend. Usually, it's more difficult to amend the CC&Rs than it is to amend the By-Laws.
Only the board votes on resolutions and only the board votes on issues brought to board meetings.
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