(1) Subject to subsection (6), a company shall not incorporate in any agreement a term to which this section applies unless the term is first approved by a resolution of the company in general meeting and, in the case of a director of a holding company, by a resolution of that company in general meeting.
(2) This section applies to any term by which a director's employment with the company of which he is the director or, where he is the director of a holding company, his employment within the group 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 the original agreement), for a period exceeding five years during which the employment -
(a) cannot be terminated by the company 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 company under an agreement which cannot be term