[Formal or Informal] Formal: priesthood receiving by the laying on of hands [Action required] Be faithful to receive the Aaronic and Melchizedek priesthoods; magnify assigned calling [Promised blessings] Sanctified by the Spirit unto the renewing of the body; become the son of Moses and Aaron and the seed of Abraham; receives all that God has; exaltation [Covenant] 
Oath and covenant of the priesthood