(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—
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