Sec. 2. A contract of employment shall be entered into between the governing body of the school corporation and a principal or assistant principal subject to the following conditions:
(1) The basic contract must be the regular teacher's contract as prescribed by the secretary of education.
(2) This subdivision applies to contracts entered into or renewed after June 30, 2019. The initial contract must be for a term of at least one (1) year and not more than three (3) years. However, a contract may be extended for not more than an additional three (3) years beyond the term of the original contract.
(3) The contract may be altered, modified, or rescinded in favor of a new contract at any time by mutual consent of the governing body of the school corporation and the principal or assistant principal, if the contract, when reduced to writing, is consistent with this chapter.