(1) If the employee continues to render services after the expiration of the agreed period, and the employer has not raised any objection thereto within a reasonable period, they are deemed to have entered into a new contract of employment on the same terms as before; provided, either party may give notice to the other party to rescind the contract for the future in accordance with the provisions of Article 660.
(2) In the case of paragraph (1), the security furnished by a third person in respect to the former contract of employment shall be extinguished at the expiration of the first period agreed upon.