(1) A principal shall terminate an agency agreement where the agent or master-agent

(a) is convicted of an offence involving

(i) fraud,

(ii) dishonesty, or

(iii) other financial impropriety;

(b) as a legal person, is being dissolved, wound up or declared insolvent by a court;

(c) as a sole proprietor, dies or becomes mentally incapacitated;

(d) transfers, relocates or ceases to operate at the place of business without the prior written consent of the principal; or

(e) contravenes any provision of this Act.

(2) Where an agency agreement is terminated, the principal shall

(a) publish a notice of the termination in the locality where the agent or master-agent was operating; and

(b) inform the Bank of Ghana of the termination within ten days.