(a) Every political committee shall have a treasurer and a chairman. No contribution shall be received nor shall any expenditure be made when there is a vacancy in either one of these offices. All money received and disbursed by a political committee must be done through the treasurer of the committee.

(b) Every candidate who authorizes a committee or committees, to receive and disburse funds on behalf of this candidacy, shall name a sole treasurer, irrespective of the number of committees so authorized, to receive and disburse all funds for said committees. Nothing herein shall be construed to prohibit a candidate from receiving or expending moneys on his behalf or a treasurer of a political party committee or a committee authorized to receive and distribute funds on behalf of more than one (1) candidate from receiving or expending moneys on behalf of said candidates, notwithstanding the appointment of a sole treasurer. A sole treasurer may delegate authority, in writing, to any number of assistant treasurers to receive and disburse moneys collected on behalf of a candidate for election. Nothing in this section shall prohibit authorized individuals from selling tickets or soliciting funds when funds are deposited in the campaign account of the candidate.

(c) Each candidate and committee shall keep records of the names and addresses of each person from whom a contribution of over ten dollars ($10) has been received and a record of all other information required to be reported pursuant to this act. All such records shall be retained by the candidate or treasurer for a period of three (3) years after such information is reported as required by this act.

(d) Any person receiving any contribution on behalf of a political committee or candidate shall turn such contributions over to the treasurer of that committee or the candidate within ten (10) days of its receipt.