All licenses granted under the provisions of this chapter shall remain in effect for a period of fifty years from and after the date of granting thereof. From and after the expiration of such terms of fifty years the licensee, its successors and assigns, shall hold the property and rights acquired under the authority of this chapter under an indeterminate license, which shall continue until such property and rights have been purchased by the Commonwealth, or until the same have been acquired by the Commonwealth by due process of law; provided that the right of the Commonwealth to take over, maintain and operate any development licensed under this chapter at any time by condemnation proceedings, upon payment of just compensation, is hereby expressly reserved.

Code 1950, § 62-83; 1968, c. 659.