Expenditures of funds from the state bar association special fund, which consists of all moneys or fees collected or received by the association and which is deposited or disbursed in accordance with section 54-44-12, must be approved by the president and executive director of said association. The secretary-treasurer of said association, in addition to the duties imposed by the constitution, bylaws, and rules of the association, annually shall file in the office of the secretary-treasurer of the state board of law examiners an itemized statement of the receipts and disbursements of said association.