46. If, by reason of any dam erected by a company formed under this act, any fall or water-power be created, the company shall in nowise have any title or claim to the use of such water-power.
Nevertheless, if the owner or occupant of the land adjoining have made a claim for compensation for damages arising from such dam, the increased value of his property by reason of the water-power so created may be taken into account.
R. S. 1964, c. 96, s. 46.