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From The Collaborative International Dictionary of English v.0.44 [gcide]:
Preside \Pre*side"\, verb (used without an object) [imp. & p. p. {Presided}; p. pr. & vb. n. {Presiding}.] [L. praesidere; prae before + sedere to sit: cf. F. pr['e]sider. See {Sit}.]
1. To be set, or to sit, in the place of authority; to occupy the place of president, chairman, moderator, director, etc.; to direct, control, and regulate, as chief officer; as, to preside at a public meeting; to preside over the senate.
2. To exercise superintendence; to watch over.
Some o'er the public magazines preside. --Dryden.
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