Section 41. An owner or lessee of land used for an ice pond may erect and, between November first and March first, maintain a dam across a stream not navigable, for the purpose of making an ice pond by flowing adjoining land, subject to this chapter so far as applicable, if he annually pays to the owner of land which may be overflowed or injured thereby the amount of the tax which may from time to time be assessed on such land; but such dam shall not be erected without the consent of all of the owners of the land which would be flowed by it, unless the person proposing to erect it shall furnish to such owners as do not consent to the erection security, satisfactory to them or approved by a justice of a court of record or by a master in chancery, for the payment of any damages which may be caused by flowing the land of such owners.