That it shall be lawful for his Majesty, his heirs and successors, to create peers of Ireland, and to make promotions in the peerage thereof, after the union, provided that no new creation of any such peers shall take place after the union, until three of the peerages of Ireland, which shall have been existing at the time of the union, shall have become extinct, and upon such extinction of three peerages, that it shall be lawful for his Majesty, his heirs and successors, to create one peer of Ireland, and in like manner, so often as three peerages of Ireland, shall become extinct, it shall be lawful for his Majesty, his heirs and successors, to create one other peer of the said part of the united kingdom; and if it shall happen that the peers of Ireland, shall by extinction of peerages, or otherwise, be reduced to the number of one hundred, exclusive of all such peers of Ireland, as shall hold any peerage of Great Britain, subsisting at the time of the union, or of the united kingdom created since the union, by which such peers shall be entitled to an hereditary seat in the house of lords of the united kingdom, then and in that case it shall and may be lawful for his Majesty, his heirs and successors, to create one peer of Ireland, as often as any one of such one hundred peerages shall fail by extinction, or as often as any one peer of Ireland, shall become entitled by descent or creation to an hereditary seat in the house of lords of the united kingdom, it being the true intent and meaning of this article, that at all times after the union, it shall and may be lawful for his Majesty, his heirs and successors, to keep up the peerage of Ireland, to the number of one hundred, over and above the number of such of the said peers as shall be entitled by descent or creation to an hereditary seat in the house of lords of the united kingdom.