Order of the Falcon republic, new statutes were incorporated for the Order on 11 July 1944. The Republic of Iceland replaced the King by an elected President of Iceland who is the designated Grand Master of this Order. It may be awarded to both Icelanders and citizens of other countries for achievements in Iceland or internationally. A five-member council makes recommendations on awards to the Grand Master, who then grants the award. However, the Grand Master may award the Order without recommendations from the Order Council. The Grand Master and the Chairman of the Order Council then sign the Letters Patent, which are given
Order of the Armed Arm Albret Skeel, to exchange the Armed Arm for the Elephant. There is also one specimen of the order, with the monogram of Christian V, which suggest that he considered reviving the order. Instead he created the order of the Dannebrog in 1671. The badge of the order was worn around the neck in a blue ribbon. It consisted of two chains hanging from a clasp; at the end of the chains were a diamond studded armour-plated arm, holding a drawn sword. Therefore, the order has also been called "Order of the Drawn Sword" or "Order of the Sword". It bears