(1) All persons employed in the school system who are entitled to sick leave under § 49-5-710 are eligible to participate in the sick leave bank of that school system.
(2) Upon the establishment of a sick leave bank and the selection of the trustees for the sick leave bank, the trustees shall notify all teachers in the system that they are eligible to participate in the sick leave bank. Following such notice, any teacher in the school system may indicate on forms prepared and approved by the trustees a desire to participate in the bank by submitting the forms to the office that handles records for sick leave for the school system.
(3) Teachers electing to participate shall do so during the months of August, September or October of any year.
(4) By written notice to the trustees, a member may withdraw from bank participation on any June 30. Membership withdrawal results in forfeiture of all days contributed.