(1) A building society shall not incorporate in any agreement a term to which this section applies unless the term is first approved by a resolution of the society in general meeting.
(2) This section applies to any term by which a director's employment with the society of which he is a director is to continue, or may be continued, otherwise than at the instance of the society, (whether under the original agreement or under a new agreement entered into in pursuance of the original agreement) for a period exceeding 5 years during which the employment -
(a) cannot be terminated by the society by notice, or
(b) can be so terminated only in specified circumstances.
(3) In any case where -
(a) a person is or is to be employed with a society under an agreement which cannot be terminated by the society by notice or can be so terminated only in specified circumstances, and
(b) more than 6 months before the expiration of the period for which he is or is to be so employed, the society enters int
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