(a) The governing body of an institution of higher education, as defined by § 61.003, Education Code, other than a public junior college as defined by that section, may establish the holiday schedule for the institution, subject to any applicable limitation on the observance of holidays prescribed by the General Appropriations Act.
(b) The number of holidays to be observed by the institution may not exceed the number of holidays on which an employee of a state agency is entitled to a day off.

(c) An employee of the institution is eligible to take paid holiday leave only if the employee:
(1) is scheduled to work at least 20 hours per week for a period of at least four and one-half months; and
(2) is not employed in a position for which the employee is required to be a student as a condition of the employment.