(1) This section applies to provision under which the guaranteed term of a director's employment -
(a) with the company of which he is a director, or
(b) where he is the director of a holding company, within the group consisting of that company and its subsidiaries,
is, or may be, longer than two years.
(2) A company may not agree to such provision unless it has been approved -
(a) by resolution of the members of the company, and
(b) in the case of a director of a holding company, by resolution of the members of that company.
(3) The guaranteed term of a director's employment is -
(a) the period (if any) during which the director's employment -
(i) is to continue, or may be continued otherwise than at the instance of the company (whether under the original agreement or under a new agreement entered into in pursuance of it), and
(ii) cannot be terminated by the company by notice, or can be so terminated only in specified circumstances, or
(b) in the case of employment terminable by the
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