(a) The Arkansas Natural Resources Commission shall have the power to:
(1) Issue permits for the construction of dams to impound water;
(2) Issue certificates of registration of water diverted from streams; and
(3) Make allocations among persons taking water from streams during periods of shortage, to the extent and in the manner provided by law.
(b) To that end, the commission shall conduct hearings and promulgate rules and orders under the procedure prescribed in this subchapter.