Any person seeking authorization for a consolidation, merger, purchase, lease, operating contract or acquisition of control shall file an application with the commission and a duplicate with the director, and thereupon the commission shall notify all persons known to have a substantial interest in the proceedings of the time and place of the public hearing. The commission, after consultation with the director, shall by order authorize such consolidation, merger, purchase, lease, operating contract or acquisition of control upon such terms and conditions as it shall find to be just and reasonable, after hearing, if the consolidation, merger, purchase, lease, operating contract or acquisition of control is in the public interest. The commission shall not authorize, however, any consolidation, merger, purchase, lease, operating contract or acquisition of control which would result in creating a monopoly or monopolies and thereby restrain competition, or jeopardize another air carrier not a party to the consolidation, merger, purchase, lease, operating contract, or acquisition of control. In any case in which the commission, after consultation with the director, determines that the transaction which is the subject of the application does not affect the control of an air carrier, does not result in creating a monopoly or monopolies, and does not tend to restrain competition, and determines that no person disclosing a substantial interest is currently requesting a hearing, the commission, after notice of its intention to dispose of such application without a hearing, may determine that the public interest does not require a hearing and may by order authorize or not authorize such transaction.