Its arcane branch is called the Akh'Faer, and the first-in-command is known as the Spell-Major while the second-in-command is known as the Spell-Captain. Any candidate for the Spell-Major position had to be accepted by the Ary'Faern'Kerym elfblade, also known as the Artblade, a semi-sentient sword that was created specifically for the purpose of determining whether the wielder was worthy of the Art.
Unfortunately, the Ary'Faern'Kerym elfblade was lost in 450 DR during Spell-Major Zaos Durothil's disastrous attempt to fight off the red dragon Edallisufanxar. The archmage Demron had already gained renown for enchanting the first three baneblades, and he was commissioned for a fourth one.
In 462 DR, the archmage Demron finished enchanting Faervian. It was commissioned specifically for the office of the Spell-Major.
Then Josidiah Starym returned to Myth Drannor in 674 DR from his long personal quest to redeem his family's honor, with the Artblade in hand. As such, he took the rightful place as Spell-Major, since the Artblade had chosen him. As a consequence Paeris Haladar was dropped to the rank of Spell Captain, which rankled him to no end. Fifteen years later he tried to claim his previous post as Spell-Major, but the Artblade found him unworthy and the blade stripped Paeris Haladar of all his magical powers.
A new Spell-Captain was named by Josidiah Starym, a moon elf bladesigner named Phyrra Iliathorr. She wielded it until her demise during the events of the Fall of Myth Drannor. She was in the point position of a flying-V formation, about to order a strike down towards the enemies below, when the corrupting influence of the demons made the Mythal's flight power blink out. As such, she was one of the first to fall painfully to the ground. The traitor mage Nezras then cast dig, earthquake, and sink spells on the surviving elves, entombing them (and Faervian) beneath the Tower of Song.
Faervian was found hundreds of years later in the crypts underneath the Tower of Song, guarded by a baelnorn named Breithel. The sword was recovered by a group of adventurers, and is now in possession by one of them—the adventurer's previous deeds identified him as a worthy wielder. Its return was heralded by the whole of Myth Drannor, and the adventurer in question is now a Knight of Myth Drannor.