A co-op, as defined in § 23-4-901, shall not be subject to rate case procedures and hearings and other requirements of §§ 23-4-402 — 23-4-405, 23-4-407 — 23-4-418, and 23-4-620 — 23-4-634 and Arkansas Public Service Commission rules implementary thereof, hereafter referred to as “rate case procedures”, by the commission unless:
(1) By action of its board of directors, the co-op elects to be subject to rate case procedures by the commission;
(2) A proposed change in the co-op's rates and charges exceeds ten percent (10%) of total gross revenues;
(3) Ten percent (10%) of the co-op's member-consumers petition the commission to apply rate case procedures; or
(4) As otherwise provided in this subchapter.