(a) No person shall keep any ferry over or across any public navigable stream or lake so as to charge any compensation for crossing the stream or lake without first procuring a license from the county court of the county in which the ferry is situated.
(b) Any person wishing to establish a ferry across any navigable stream in this state shall apply to the county court of the county in which the ferry site may be.
(c) The county court shall grant a license to the applicant for the term of one (1) year from the date of the license upon the applicant's:
(1) Showing lawful possession of the land on which the ferry is sought to be established;
(2) Satisfying the court that the public convenience will be promoted thereby;
(3) Paying the tax levied by the county court for the privilege of the ferry; and
(4) Executing the bond required by this chapter.