If the acquiring party is a domestic public utility, and the rural electric cooperative, control of which is sought to be acquired in a transaction described in Section 2 of this act¹ which would require the filing of a statement pursuant to Section 2 of this act, is subject to the jurisdiction of the Commission, an application for approval containing such information as the Commission may prescribe by rule or regulation adopted pursuant to this act,² shall be filed with and heard by the Commission after such notice as the Commission may prescribe, and the transaction approved or disapproved based upon the factors enumerated in paragraphs 1 through 5 of subsection A of Section 4 of this act,³ subject to judicial review as provided in Section 11 of this act,⁴ but the other provisions of this act shall not apply to such transaction. This act shall not apply to mergers or consolidations of rural electric cooperatives governed by Section 437.13 or 437.14 of Title 18 of the Oklahoma Statutes.