(a) Any person or corporation organized under the laws of this state for the purpose of producing power for any lawful purpose, who or which has procured a charter from this state for the development and operation of electric power plants from waterpower and owns a natural, practical dam site, or has secured from the United States a license, permit, or authority to erect a dam upon land or a dam site owned by the United States, shall have the right to erect a dam across any navigable or nonnavigable river in this state at that point for the purpose of developing electric power.

(b) When the person or company is ready to begin the construction of his or her or its dam, it shall file a survey with the Secretary of State and with the county clerk of the counties in which the lands pertaining to the waterpower are situated. This survey shall show the location of his or her or its principal power dam site, or the stream above the power dam and the lands necessary for the development of the waterpower, with an estimate and the engineer's report of the cost of his or her or its dam, spillways, power plant, and all machinery to be used in generating the power, to be verified later by report of actual cost of construction.

(c) Any person or corporation owning or controlling any dam as provided in this subchapter may be required, in the discretion of the Arkansas Public Service Commission, to construct and keep open a chute over the dam or construction sufficient for the passage of fish either ascending or descending the river or watercourse.