Complex sentence: Anglican clergy are licensed to preach and perform sacraments by the bishop of the diocese in which they reside; i f the bishop suspends this licence, the priest may no longer exercise these priestly functions.
Split into simpler sentences: Anglican clergy are licensed to preach and perform sacraments by the bishop of the diocese in which they reside. In the event that the bishop suspends this licence, the priest would no longer be allowed to exercise these priestly functions.