The Adjutant General and two officers of field grade or above, detailed by the Adjutant General, shall act as a board to receive recommendations through military channels for the award of the medal of valor to any member of the armed forces of the state who, by reason of conspicuous gallantry, at the risk of his life, above and beyond the call of duty, while on military service, is recommended for the award of such medal of valor, and to make such awards as the board finds suitable.