Yes the 12, though I mean institution in a broad sense. The 12 disciples become a theocratic body that controls the administration of the sacrament, the teaching of the people, and ultimately judge them. I don’t mean to read them is exactly like our Apostles — it’s about their communal function. And of course I’ve no idea if their functions continued or were passed on to others — the text says nothing. But generational continuity isn’t needed for an institution to be an institution.
Again, I was speaking broadly — I don’t mean to hang anything on the term I used for noting Christ’s specifically organizing a theocratic group.
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