Every bond or undertaking of any nature whatsoever given by an employee of any common carrier authorized to do business in this state, shall be made to cover a definite term. No such bond or undertaking shall be cancelled without the consent of all parties thereto, except for a breach of one or more of the conditions thereof. Any such employee who shall have given any such bond or undertaking, shall, upon breach of any of the conditions thereof by the other party or parties thereto, have the power to cancel the same by giving the surety or sureties thereon and the common carrier for the benefit of whom the same shall have been made, at least ten (10) days’ notice in writing, setting out in full the reasons for cancelling the same. Said notice shall be signed by such employee sworn to by him in this state before an officer authorized to administer oaths. Any such notice to a company, corporation or association may be served by leaving the same with any person upon whom service of legal process upon such company, corporation or association may be had. Any surety on any such bond or undertaking, shall upon the breach of any of the conditions thereof by the common carrier employee for whom the same shall have been made, have power to cancel the same by giving such employee at least ten (10) days’ notice in writing, setting out in full the reasons for cancelling the same. The said notice shall be signed by an agent or manager of such surety, then a resident of this state, and then authorized to approve or disapprove similar bonds or undertakings for such surety, and shall be sworn to by the person signing the same in this state before an officer authorized to administer oaths. Nothing herein shall affect any right of action accruing to any person upon the breach of a contract.