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JOSHUA - Doctrine and Covenants 107 explains that the Quorum of the Seventy hold equal authority to the Quorum of Twelve or First Presidency, when in absence of the later two. The church can continue to function, etc.
But if the two higher Quorums are unable to function due to say, death, does the Quorum of the Seventy have the right and the keys to ordain members to an office higher than themselves, particularly when they are not set apart as Prophets, Seers and Revelators? How then, can they organise a new Quorum of Apostles, who could then establish a Quorum of First Presidency?
JOEL - Here's D&C 107: 23-26:
23 The twelve traveling councilors are called to be the Twelve Apostles, or special witnesses of the name of Christ in all the world—thus differing from other officers in the church in the duties of their calling.
24 And they form a quorum, equal in authority and power to the three presidents previously mentioned.
25 The Seventy are also called to preach the gospel, and to be especial witnesses unto the Gentiles and in all the world—thus differing from other officers in the church in the duties of their calling.
26 And they form a quorum, equal in authority to that of the Twelve special witnesses or Apostles just named.
If they are equal in power and authority to the twelve then they have the authority to reorganize and ordain the First Presidency and Quorum of twelve if needed; most likely from among themselves. I am sure God would provide the instruction and revelation to make it happen.
But I say, why worry about something that is very unlikely to happen. What are the odds that all 15 prophets seers and revelators would all die at the same time?