A redevelopment corporation shall:
(1) Furnish to the supervising agency from time to time, as required by it, but with respect to regular reports not more often than once every six (6) months, such financial information, statements, audited reports or other material as such supervising agency shall require, each of which shall conform to such standards of accounting and financial procedure as the supervising agency may by general regulation prescribe.
(2) Establish and maintain such depreciation and other reserves, surplus and other accounts as the supervising agency may reasonably require.