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The Lord instituted the Holy Communion the very night He was betrayed. He explained to His disciples the meaning and purpose of it in Matt. 26:26-28. This ordinance fulfils what He told the Jews in Jn. 6:48-58.
This ordinance is for those who are saved and who have undergone water baptism, but a lot of religious organizations have abused it by administering it to sinners or those who have no covenant relationship with Christ.
Of course, the purpose of this ordinance was to move us who believed in Christ to keep in memory His suffering and death on the cross for our sins until He comes back to rapture us for Himself.
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Sinners who take it have no idea of all these because they are not spiritually inclined. Both the bread and the wine symbolizes His flesh and blood and as we take them according to His command, we have eaten His flesh and drank His blood which give us life.
Paul better explained it in 1 Cor. 2:14. It is one bread and one cup and not many which signify unity in the body of Christ. This ceremony reminds us of His death and prepares us to wait for His coming.
Who qualifies to take the Holy Communion?
a. It is also those who have repented from their sins and have accepted Christ.
b. Also, if any believer discovers that he is not living in a right relationship with Christ due to falling into sin or disobedience, he should not partake else the Lord will chastise him.
c. It is only for those who have believed and baptized by water and by immersion. Partaking in the Holy Communion draws closer to the cross where Christ have died for us and helps us to be more humble and submissive to Him.