The board of trustees may grant the chancellor and the chief administrative officer of each college a one-semester study leave or equivalent at full salary at the end of a period of five years of service subsequent to the date of initial appointment or the date of the last leave taken pursuant to this Title. Vacation leave accrued during the fifth year of service shall be credited toward the study leave. Such leave shall be for the specific purpose of improving the administrative and academic performance of the chancellor and of the chief administrative officer.
N.Y. Comp. Codes R. & Regs. Tit. 8 § 337.32