The Oklahoma Tax Commission is authorized to enter into an agreement to compound, settle or compromise any controversy relating to taxes collectible by the Tax Commission, or any admitted or established tax liability as to any tax collectible under any State Law in the following cases:
(1) In cases of controversy arising over the amount of tax due, or, (2) In case of inability to pay, resulting from insolvency of the taxpayer. In any case where the amount of any tax liability which has been admitted or established exceeds Twenty-five Thousand Dollars ($25,000.00), no agreement to compound, settle or compromise such tax liability shall be effective until the settlement thereof shall have been approved by judgment of one of the judges of the district court of Oklahoma County, after a full hearing thereon.