(a) Corporations may be created in this state for the purpose of gathering, storing, impounding, or otherwise disposing of salt water produced in the drilling and operation of oil wells in this state and to prevent the flow of such water into the streams of this state. Such corporations shall be formed and governed by the general corporation laws of this state.

(b) Any person, corporation, association, or partnership which is now or may hereafter engage in the business of producing oil in this state, as well as any other person or firm, is authorized and empowered to subscribe for, own, and vote stock in corporations created pursuant to and for the purposes described in subsection (a) of this section.

(c) It is the specific purpose and intent of the General Assembly in enacting this section to authorize the creation of corporations to dispose of salt water produced in drilling and operating oil wells and to encourage the development of the corporations by persons, firms, or corporations engaged in oil production in this state. In order to encourage and aid in the development of corporations to dispose of salt water arising from oil production, and in order to make it economical and practicable for oil producers in this state to develop the corporations or to obtain the benefits of the corporations in disposing of salt water, thereby preventing pollution of streams and lakes in this state, the Oil and Gas Commission and the Arkansas Pollution Control and Ecology Commission and all other appropriate state agencies are encouraged and directed to do and perform all acts within their power and authority to encourage the development of these corporations and assist oil producers in this state in obtaining the benefits for which these corporations are created.

(d) The provisions of this section shall be cumulative to the existing laws of this state, and shall not be deemed to repeal or modify any of such existing laws unless directly in conflict herewith.