Each municipality and private corporation establishing, operating, and maintaining a foreign trade zone shall fully comply with all of the provisions of the act of Congress and the rules and regulations prescribed by the board thereunder, and shall have all the powers, rights, privileges, and authority conferred by the act of Congress and said rules and regulations, and be subject to the limitations and restrictions contained in said act and said rules and regulations. Any such municipality or private corporation shall forfeit any right and privilege to operate and maintain a foreign trade zone, under the provisions of this part or under the charter of any private corporation formed as aforesaid, if, and when, its grant of privilege is finally revoked under the authority granted in the act of Congress.