Just want to know,
When does an election happen on Stack Overflow?
Is there a fixed time interval or any other perticular scenario when elections are organized?
Who organises and monitors these elections?
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It's up to the existing moderation team.
On the anniversary of the last election on every graduated site, we reach out to the moderation team and ask them how they're doing. If they feel like they need more help, we schedule an election. If they feel that they have things well in hand, we repeat the same the following year.
In the interim, we (the community team) do keep an eye on how much work is being asked of the moderators, and if we notice that the load seems on the high side we will drop in and ask. Sometimes, folks just don't realize when they need help, or simply don't want to ask for it.
However, unless data is screaming that the current team on any site is being overwhelmed (Stack Overflow included) - we leave it up to the existing team.