Normally, the exercise to elect a Pope is undertaken after the current Pontiff passes away. But exceptional circumstances like the resignation of Pope Benedict XVI have created a vacuum that needs to be filled. The nature of the vacancy is peculiar, as it is the first time in 600 years that a Pope has chosen to step down, the last such case being of Gregory XII in 1415.
Historically, there were three ways of electing a Pope. However, the Church decided to do away with two traditional methods and only election through the Conclave method has endured.
The Latin word Conclave literally means "locked with the key", which is what exactly happens. First, the Dean of the College of Cardinals summons all the Cardinals from across the world to Rome to take part in the secret election process and explains to them at length the procedures as defined by the Canon law.
As of now, there are a total of 203 cardinals representing 69 countries. Of these only 120 are eligible, as all cardinals over the age of 80 are excluded as per a change of rule in 1975.
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