Boris Johnson resigns as the Conservative Party leader on July 7. He will remain prime minister until Conservatives choose a replacement. (Photo: AFP)

The 1922 Committee of Conservative backbench MPs set out the timetable and rules for the elections, which will open and close for nominations on Tuesday.

So far, 11 candidates have declared their intention to run.

The new Conservative leader will be chosen in a two-stage election, in which the 358 Conservative lawmakers will narrow the race to two candidates through a series of elimination rounds.

Candidates who fail to get at least 30 votes will be eliminated in each round. The last two candidates standing will be voted on by party members across the country.