(a) No such bond or undertaking shall be cancelled without the consent of all parties thereto, except for a breach of one (1) or more of the conditions thereof.

(b)

(1) Any such employee who has given a bond or undertaking and upon the breach of any of the conditions thereof by the other party or parties thereto shall have the power to cancel the bond or undertaking by giving the surety or sureties thereon and the common carrier for the benefit of whom the bond or undertaking has been made at least ten (10) days' notice in writing, setting out in full the reason for cancelling the bond or undertaking.

(2) The notice is to be signed by the employee and sworn to by him or her in this state before any officer authorized to administer oaths.

(3) Any such notice to a company, corporation, or association may be served by leaving the notice with any person upon whom service of legal process upon such a company, corporation, or association may be had.

(c)

(1) Any surety on any such bond or undertaking, upon the breach of any of the conditions thereof by the common carrier employee for whom the bond or undertaking has been made, shall have power to cancel the bond or undertaking by giving the employee at least ten (10) days' notice in writing setting out in full the reason for cancelling the bond or undertaking.

(2) The notice is to be signed by an agent or manager of the surety, then a resident of this state and then authorized to approve or disapprove similar bonds or undertakings for the surety, and is to be sworn to by the person signing the notice in this state before an officer authorized to administer oaths.

(d) Nothing in the cancellation of the bond shall affect any right of action accruing to any person upon the breach of a contract.