(1) Any permit granted prior to July 1, 1957, to conduct greyhound racing in this state is validated, and the action of the authority granting the permit is ratified and confirmed.
(2) Whether or not the permit has been granted for a definite period of time, the holder of the permit shall pay a franchise fee in an amount of one thousand dollars ($1,000) and shall be deemed to have a franchise upon compliance with provisions of this chapter.
(3) The franchise shall continue in effect so long as the holder thereof shall comply with all applicable laws of this state relating to greyhound racing or until the rights thereunder shall terminate by operation of law making greyhound racing unlawful in the area covered by the franchise or until the forfeit of the franchise by the holder thereof.