(a) No contract between a person contracting to provide association management services and an association which provides for the management of the association shall be valid or enforceable unless the contract is in writing and provides that the person contracting to provide association management services or, in the case of a business entity, a principal, officer or director of such entity:
(1) Shall be registered as provided in sections 20-450 to 20-462 , inclusive, and shall obtain insurance as provided in section 20-460 ; and
(2) Shall not issue a check on behalf of the association or transfer moneys exceeding a specified amount determined by the association without the written approval of an officer designated by the association; and
(3) Shall not enter into any contract binding the association exceeding a specified amount determined by the association, except in the case of an emergency, without the written approval of an officer designated by the association.
(b) No contract to provide association management services shall:
(1) Be sold or assigned to another person without the approval of a majority of the executive board of the association; or
(2) Include any clause, covenant or agreement that indemnifies or holds harmless the person contracting to provide association management services from or against any liability for loss or damage resulting from such person's negligence or wilful misconduct.