Candidates are looking for backers now to join the streamlined process.
Hopefuls need 100 backers to enter the race.
If only one candidate gets 100 backers then there is no vote, and they automatically become the next leader.
If more than 2 candidates, Conservative MPs vote repeatedly until only 2 candidates remain.
From 2 candidates, Conservative MPs vote a final time and indicate their preferred candidate.
Conservative members across the country vote online to pick a winner, unless one of the candidates drops out.
The winner becomes leader of the Conservative party and next PM.