(1) The term of a senior executive’s contract, or an extension of the senior executive’s employment in the way provided for under section 190 (2) and (3) , can not be more than 5 years.
(2) A senior executive may resign by signed notice given to the senior executive’s chief executive at least 1 month before the notice is to take effect.
(3) A senior executive’s contract of employment may be terminated by the senior executive’s chief executive by signed notice given to the senior executive at least 1 month before the notice is to take effect.