All personal service contracts involving services to be rendered over more than 12 months shall be approved in advance by the board of directors, and performance under such contracts shall be reviewed annually by the board of directors. In addition, any personal service contract shall be approved by the board of directors if the personal service contract is likely to result in total payments to the outside contractor in excess of $50,000 per year and is not in the ordinary course of the corporation's business of maintaining, managing and operating the properties of the corporation.