(1) Any person who, on the effective date of this chapter, possesses a general or specific license for source, byproduct, or special nuclear material in quantities not sufficient to form a critical mass, issued by the US nuclear regulatory commission, shall be deemed to possess a like license issued under this subchapter and the act, such license to expire either 90 days after receipt from the department of a notice of expiration of such license, or on the date of expiration specified in the US nuclear regulatory commission license, whichever is earlier.