An applicant for the guarantee of a loan by the fund shall agree to open, and if its loan is guaranteed by the fund shall open and maintain a separate checking account exclusively for the proceeds of a loan in a bank insured by the Federal Deposit Insurance Corporation. All withdrawals from such account shall be by checks drawn on the account which shall be consecutively numbered, and shall bear the signatures of the two persons who have been previously approved by the fund to sign checks on behalf of the applicant-borrower.