A licence referred to in column 2 of Schedule 1  –

(a) is to be taken to have been validly granted, in accordance with clause 12 of Schedule 4 to the Water Management Act 1999 , to the local authority specified opposite the licence in column 1, on the day on which it was purportedly granted in accordance with that clause; and

(b) is, if it was purportedly granted in accordance with that clause for a term of less than 50 years, to be taken to have been granted on that day for a term of 50 years.