Conflict of interests - Statement - Approval. No person shall make an offer for, or enter into any agreement to exchange, seek to acquire, or acquire the assets of a rural electric cooperative regulated by the Corporation Commission if, after the consummation of such action, such person would directly or indirectly, or by conversion or by exercise of any right to acquire, be in control of such rural electric cooperative, and no person shall merge with or otherwise acquire control of a rural electric cooperative, except pursuant to Section 437.13 of Title 18 of the Oklahoma Statutes, unless, at the time any such offer, request or invitation is made or prior to the acquisition of assets, such person has filed with the Commission and has sent to such rural electric cooperative a statement containing the information required by Section 3 of this act and such offer, request, invitation, or acquisition has been approved by the Commission in the manner prescribed in Section 4 of this act.
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