(a) Whenever any club in existence at least five years prior to the time of application for license owns a contiguous plot of land in more than two municipalities in one or more but less than all of which the granting of liquor licenses has not been prohibited and at least one acre of the plot of land owned by the club is situated in each municipality in which the granting of liquor licenses has not been prohibited, the club may be issued a club liquor license or a catering license by the board if the board finds that the license will not be detrimental to any residential neighborhood. This section shall not be construed to prohibit the issuance of club liquor licenses or catering licenses which may otherwise be issued under the provisions of this act.

(b) Any club which holds a liquor license or a catering license under this section on the effective date of this subsection may, for a period of six months from the effective date of this subsection, exchange such license for a restaurant liquor license. The restaurant liquor license shall be nontransferable and shall be issued to the club or concessionaire chosen by the club to operate the restaurant. A restaurant liquor license issued to a concessionaire under this section shall be immediately rescinded upon the termination of the contract between the club and the concessionaire. Notwithstanding any other provisions of the law, if a restaurant liquor license issued under this subsection is rescinded because of the termination of the agreement between the club and the concessionaire, the board may issue a new restaurant license to the club or its newly designated concessionaire at any time.