§1. If a postulation has not been admitted by the competent authority, the right of electing reverts to the college or group.
§2. If a postulation has been admitted, however, this is to be made known to the person postulated, who must respond according to the norm of can. 177, §1.
§3. A person who accepts a postulation which has been admitted acquires the office in full right immediately.
Source: Code of Canon Law (Vatican.va)