John MacArthur @ http://www.sfpulpit.com concludes his overview of the rationale for Elder rule with:
The Qualifications of Elders
The single, overarching qualification of which the rest are supportive is that he is to be “above reproach.” That is, he must be a leader who cannot be accused of anything sinful because he has a sustained reputation for blamelessness. An elder is to be above reproach in his marital life, his social life, his business life, and his spiritual life. In this way, he is to be a model of godliness so he can legitimately call the congregation to follow his example (Phil. 3:17). All the other qualifications, except perhaps teaching and management skills, only amplify that idea.
The Functions of Elders
The primary responsibility of an elder is to serve as a manager and caretaker of the church (1 Tim. 3:5). That involves a number of specific duties. As spiritual overseers of the flock, elders are to determine church policy (Acts 15:22); oversee the church (Acts 20:28); ordain others (1 Tim. 4:4); rule, teach, and preach (1 Tim. 5:17; cf. 1 Thess. 5:12; 1 Tim. 3:2); exhort and refute (Titus 1:9); and act as shepherds, setting an example for all (1 Pet. 5:1-3). Those responsibilities put elders at the core of the New Testament church’s work.