(1)The franchisee for any treasure is the person who—
(a)was, immediately before the commencement of section 4, or
(b)apart from this Act, as successor in title, would have been,
the franchisee of the Crown in right of treasure trove for the place where the treasure was found.
(2)It is as franchisees in right of treasure trove that Her Majesty and the Duke of Cornwall are to be treated as having enjoyed the rights to treasure trove which belonged respectively to the Duchy of Lancaster and the Duchy of Cornwall immediately before the commencement of section 4.