The results of the first ballot will be announced at 5pm on Wednesday night by Sir Graham, when any candidate with the support of fewer than 30 MPs will be forced to stand down.
This is likely to spark some frenzied horse trading on Wednesday evening as the remaining candidates are put through a massive 1922 Committee meeting starting at 5pm.
One idea discussed by the 1922 Committee — to increase the threshold at which a candidate must withdraw in order to whittle down the list of candidates more quickly — was rejected on Monday. Instead, the last contender for leadership will automatically drop out.
A second round of voting will take place on Thursday between 11.30 and 13.30, with the result announced at 15.00.
Another 1,922 votes are scheduled for next Monday before the third round of voting on Monday night. More rounds of voting are scheduled for Tuesday and Wednesday, depending on the number of remaining candidates.
Party bosses hope to have two candidates left in the process by a week on Thursday, July 21.
By the end of next week, Conservative Party HQ will take over the process and host a minimum of 12 online and face-to-face meetings for party members in all parts of the UK.
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