Unlike other medal holders, the recipients form a body which meets periodically to discuss the state of Hungary.
The Corvin Chain Medal was originally established in 1930 by Miklós Horthy, Regent of Hungary.
According to Annex 2 of Act CCII of 2011 on the Use of the Coat of Arms and Flag of Hungary and State Honours, the number of recipients of the Corvin chain may not exceed fifteen at any one time.
§ The Ministry of National Cultural Heritage shall ensure the coverage of the costs related to the implementation of this Decree from 1 January 2002."
Article 18 (1) State decorations of Hungary shall be awarded by the President of the Republic on the proposal of the Prime Minister."
The pendant on the chain is a copy of a 35 millimetre-thick medal made by a 15th century Italian Renaissance artist.
The medal is linked to the chain by a fruit basket and the enamelled coat of arms of King Matthias in a golden wreath.
[6] The reestablished medal is identical to the original 1930 one, except that it is inscribed "Pro scientia - litteris - et artibus" (For science, literature and the arts).
He is also entitled to hold the medal for the rest of his life and to be known as the holder of the Hungarian Corvin chain.
On special request, it shall express its opinion on draft State decisions concerning Hungarian science, literature, art, education, culture and any other field of activity it considers important.
The Board may operate a scholarship programme to support persons of outstanding talent in their field.