in the first round, the second preferences of the lowest-ranked candidate are then added to the totals. This is repeated until a candidate achieves over 50% of the number of valid votes. If not all voters use all their preference votes, then the count may continue until two candidates remain, at which point the winner is the one with the most votes. A modified form of IRV is the contingent vote where voters do not rank all candidates, but have a limited number of preference votes. If no candidate has a majority in the first round, all candidates are excluded except the top two, with the highest remaining preference votes from the votes for the excluded candidates then added to the totals to determine the winner. This system is used in Sri Lankan presidential elections, with voters allowed to give three preferences. The other main form of majoritarian system is the two-round system, which is the most common system used for presidential elections around the world, being used in 88 countries. It is also used in 20 countries for electing the legislature. If no candidate achieves a majority of votes in the first round of voting, a second round is held to determine the winner. In most cases the second round is limited to the top two candidates from the first round, although in some elections more than two candidates may choose to contest the second round; in these cases the second round is decided by plurality voting. Some countries use a modified form of the two-round system, such as Ecuador where a candidate in the presidential election is declared the winner if they receive 40% of the vote and are 10% ahead of their nearest rival, or Argentina (45% plus 10% ahead), where the system is known as ballotage. An exhaustive ballot is not limited to two rounds, but sees the last-placed candidate eliminated in each round of voting. Due to the potentially large number of rounds, this system is not used in any major popular elections, but is used to elect the Speakers of parliament in several countries and members of the Swiss Federal Council. In some formats there may be multiple rounds held without any candidates being eliminated until a candidate achieves a majority, a system used in the United States Electoral College. Proportional systems Proportional representation is the most widely used electoral system for national legislatures,