(a) If realty, or partly realty and partly personalty, yields two hundred pounds a year or upwards, free of all charges; or—
(b) If personalty yields the same income, or is of the capital value of four thousand pounds or upwards, free of all charges.
For the purpose of electing the elective members of the first order of the Legislative Body, Ireland shall be divided into the electoral districts specified in the First Schedule to this Act, and each such district shall return the number of members in that behalf specified in that Schedule.
(3) The elective members shall be elected by the registered electors of each electoral district, and for that purpose a register of electors shall be made annually.
(4) An elector in each electoral district shall be qualified as follows, that is to say, he shall be of full age, and not subject to any legal incapacity, and shall have been during the twelve months next preceding the twentieth day of July in any year the owner or occupier of some land or tenement within the district of a net annual value of twenty-five pounds or upwards.
(5) The term of office of an elective member shall be ten years.
(6) In every fifth year thirty-seven or thirty-eight of the elective members, as the case requires, shall retire from office, and their places shall be filled by election; the members to retire shall be those who have been members for the longest time without re-election.
(7) The offices of the peerage members shall be filled as follows, that is to say,—
(a) Each of the Irish peers who on the appointed day is one of the twenty-eight Irish representative peers, shall, on giving his written assent to the Lord-Lieutenant, become a peerage member of the first order of the Irish Legislative Body; and if at any time within thirty years after the appointed day any such peer vacates his office by death or resignation, the vacancy shall be filled by the election to that office by the Irish peers of one of their number in manner heretofore in use respecting the election of Irish representative peers, subject to adaptation as provided by this Act, and if the vacancy is not so filled within the proper time, it shall be filled by the election of an elective member.
(b) If any of the twenty-eight peers aforesaid does not within one month after the appointed day give such assent to be a peerage member of the first order, the vacancy so created shall be filled up as if he had assented and vacated his office by resignation.