Prior to the receipt or disbursement of administrative funds, a central committee of a recognized political party or a legislative party caucus committee shall establish an administrative account by: Opening at a financial institution that does business in the State a checking account: Designated as the administrative account; and Segregated from the campaign accounts of the political committee as required under Election Law Article, §13-220, Annotated Code of Maryland; and Registering the administrative account with the financial institution and the State Board in a manner that identifies it as the administrative account of the political committee.