(a) Notwithstanding any other provision to the contrary, a sick leave bank may be established in any local school system.

(b) Sick leave accumulated under § 49-5-710 may be donated to the bank.

(c) Only one (1) bank shall be allowed per system.

(d) To form a sick leave bank in a local school system, a minimum of twenty (20) teachers from that system shall petition the local board of education for permission to establish a sick leave bank in accordance with this part. Upon approval by the local board of education, the request, along with the proposed operating guidelines, shall be submitted to the commissioner of education. Upon the commissioner's determination that the proposed operating guidelines are consistent with this title, the commissioner shall officially authorize the establishment of a sick leave bank within the system effective the next August 1.

(e) To form a sick leave bank in a local school system in any county having a population of not less than forty-four thousand five hundred (44,500) nor more than forty-five thousand (45,000) or not less than six thousand seven hundred (6,700) nor more than six thousand nine hundred fifty (6,950), according to the 1990 federal census or any subsequent federal census, a minimum of ten (10) teachers from that system shall petition the local board of education for permission to establish a sick leave bank in accordance with this part. Upon approval by the local board of education, the request, along with the proposed operating guidelines, shall be submitted to the commissioner. Upon the commissioner's determination that the proposed operating guidelines are consistent with this title, the commissioner shall officially authorize the establishment of a sick leave bank within the system effective August 1, following the date of such decision.