An agreement for the unit or cooperative development or operation of a field, reservoir, or part thereof, may be submitted to the Board for approval as being in the public interest or reasonably necessary to prevent waste or to protect correlative rights. For the purposes of this chapter, approval by the Board shall constitute a complete defense to any suit charging violation of any statute of the State relating to trust and monopolies on account of the agreement or on account of operations conducted pursuant to such agreement. The failure to submit such an agreement to the Board for approval shall not for that reason imply or constitute evidence that the agreement or operations conducted pursuant thereto are in violation of laws relating to trusts and monopolies. (Amended 1981, No. 240 (Adj. Sess.), § 2, eff. April 28, 1982.)