Iceland is a representative democracy and a parliamentary republic. The modern parliament, Alþingi (English: Althing), was founded in 1845 as an advisory body to the Danish monarch. It was widely seen as a re-establishment of the assembly founded in 930 in the Commonwealth period and suspended in 1799. Consequently, "it is arguably the world's oldest parliamentary democracy."[76] It currently has 63 members, elected for a maximum period of four years.[77] The president is elected by popular vote for a term of four years, with no term limit. The elections for president, the Althing and local municipal councils are all held separately every four years.[7