A licensee may not, within the practice of community association management, exercise control over the

1. (1) reserves or investment accounts of a community association;

2. (2) operating account of a community association unless

   1. (A) allowed under a contract that has been approved by the association's board of directors; and
   2. (B) duplicate financial statements concerning the account are sent by the institution holding the account to the licensee and the association's board of directors at separate addresses.