Section 107

The Lord revealed in modern day -

"THERE are, in the church, two priesthoods, namely, the Melchizedek and Aaronic, including the Levitical Priesthood." (Doctrine and Covenants Section 107:1)

Of this first priesthood -

"The Melchizedek Priesthood holds the right of presidency, and has power and authority over all the offices in the church in all ages of the world, to administer in spiritual things." (Doctrine and Covenants Section 107:8)

This philosopy "presidency" is not recognized or used in other churches or in the business or political world. The Merriam-Webster dictionary provides the following of one of its definitions -

"a Mormon executive council of the church or a stake consisting of a president and two counselors"

And it is this -

"...Presidency of the High Priesthood, after the order of Melchizedek, have a right to officiate in all the offices in the church." (Doctrine and Covenants Section 107:9)

One of the offices in this greater priesthood is the office of high priest and the -

"High priests after the order of the Melchizedek Priesthood have a right to officiate in their own standing, under the direction of the presidency, in administering spiritual things, and also in the office of an elder, priest (of the Levitical order), teacher, deacon, and member." (Doctrine and Covenants Section 107:10)

According to Merriam-Webster dictionary -

Standing means:

"a position from which one may assert or enforce legal rights and duties:

Officiate means:

"to carry out (an official duty or function)"
"to serve as a leader..."

High Priests then have rights, authority, and duties to carry out in administering spiritual things. And even -

"The high priest and elder are to administer in spiritual things, agreeable to the covenants and commandments of the church; and they have a right to officiate in all these offices of the church when there are no higher authorities present." (Doctrine and Covenants Section 107:12)

But nevertheless remembering they officiate -

"...under the direction of the presidency..." (Doctrine and Covenants Section 107:10)

Or those who hold priesthood keys, for -

"The power and authority of the higher, or Melchizedek Priesthood, is to hold the keys of all the spiritual blessings of the church—" (Doctrine and Covenants Section 107:18)

In the early days of the Church, it may seem that this revelation seemed to be refering to the First Presidency, many of the principles are directly true to stake presidencies also.