10.— (1) On the commencement of this Act, the following rights are extinguished as against the Minister and Anglo Irish Bank:

(a) rights (however described) to subscribe for shares, or options over shares, in Anglo Irish Bank arising from or in connection with an individual’s employment by or office with Anglo Irish Bank, or any of its subsidiaries or subsidiary undertakings;

(b) other options or rights held by a person to subscribe for or otherwise acquire, from Anglo Irish Bank, shares in Anglo Irish Bank.

(2) At any time after the commencement of this Act, Anglo Irish Bank may resolve to vary the rights attaching to any shares in a company that is its subsidiary or subsidiary undertaking. Such resolution has full force and effect from the date of the resolution notwithstanding anything in the Companies Acts or the memorandum or articles of the company concerned.