(1) Any contract executed by the corporation with a lottery retailer pursuant to this section shall specify the reasons for which any contract may be cancelled, denied, revoked, suspended, renewal rejected or terminated by the corporation, which reasons may include, but not be limited to:

(a) Commission of a violation of this chapter or administrative rules and regulations adopted pursuant to this chapter.

(b) Failure to accurately account for lottery tickets, revenues or prizes as required by the corporation.

(c) Commission of any fraud, deceit or misrepresentation.

(d) Insufficient sale of tickets.

(e) Conduct prejudicial to public confidence in the lottery.

(f) The lottery retailer filing for or being placed in bankruptcy or receivership.

(g) Any material change in any matter considered by the corporation in executing the contract with the lottery retailer.

(h) Failure to meet any of the objective criteria established by the board pursuant to this chapter.

(2) If, in the discretion of the president, cancellation, denial, revocation, suspension, rejection of renewal or termination of a lottery retailer contract is in the best interest of the lottery, the public welfare, or the State of Mississippi, the president may cancel, deny, revoke, suspend, reject the renewal, or terminate, after notice and a hearing, any contract issued pursuant to this chapter. Such contract may, however, be temporarily suspended by the president without prior notice, pending any prosecution, hearing or investigation, whether by a third party or by the president. A contract may be cancelled, denied, revoked, suspended, renewal rejected or terminated by the president for any one or more of the reasons enumerated in this section.