Establishment of the sick leave bank shall be in accordance with the following:
(1) Sick leave accumulated under part 8 of this chapter may be donated to the bank;
(2) Only one (1) sick leave bank will be established for all employees of the state of Tennessee; provided, that any sick leave banks for persons employed by the state which were authorized prior to July 1, 1988, shall continue in operation and shall continue to be effective in terms of their enacting legislation; and
(3) A minimum of one hundred (100) state employees must petition the commissioner of finance and administration in accordance with this part.