(1) Where one of the candidates for President and Vice President of the Republic, who have gained the most valid votes, declines to contest the new election within 24 hours after the declaration of the election results, the election shall be contested by the candidates on the list with the next largest number of valid votes who shall be determined by the Central Election Commission.

(2) In the event of death or severe illness of any of the candidates on the lists who have gained the most valid votes, the Central Election Commission shall postpone the election and shall schedule a new election not later than 14 days after the date of the second election. Within three days after the date of the decision of the Central Election Commission, the party or coalition concerned may register a new candidate according to the procedure established by Section V of this Chapter.