(1) No permit shall be required for any dam which impounds less than fifty (50) acre-feet of water or is of a height less than twenty-five feet (25').
(2) No permit shall be required for any dam the height of which is at or below the ordinary high water mark on the stream.
(3) A permit shall be required of a dam exempted from a permit under subsection (a) or subsection (b) of this section if, upon petition by persons affected and after notice and hearing, the Arkansas Natural Resources Commission determines that the proposed dam would pose a significant threat to life or property.