Section 1 repeals section 2 of the 1999 Act so that there are no longer any hereditary peers who are members of the House of Lords by virtue of the exception in that section to the exclusion in section 1 of the 1999 Act. This means that no present or future holders of a hereditary peerage have the right to sit and vote in the House of Lords by virtue of that peerage.
Commentary on provisions of Act Section 1: Exclusion of remaining hereditary peers