Duties
The primary duties of the Presiding Bishop and his counselors are to oversee the temporal affairs (buildings, properties, commercial corporations, etc.) of the church and to oversee the bishoprics of congregations throughout the world. Along with the First Presidency and Quorum of the Twelve Apostles, the Presiding Bishopric is a part of the Council on the Disposition of the Tithes, a group that oversees and authorizes the expenditure of all tithing funds. The Presiding Bishopric is also responsible for overseeing the Aaronic priesthood of the church, although most of the work in this area is delegated to the general presidency of the Young Men Organization.
The Presiding Bishopric hold the power to join with twelve high priests of the church in convening the Common Council of the Church, the only body of the church which may discipline or remove the President of the Church or one of his counselors in the First Presidency. However, the Common Council has only been convened twice in the history of the LDS Church, and only once has it disciplined a First Presidency member, when it excommunicated Sidney Rigdon in absentia in 1844.
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