T: Dominating Licid loses this ability and becomes a creature enchantment that reads "Gain control of enchanted creature" instead of any other type of permanent. Move Dominating Licid onto target creature. You may pay U to end this effect.
When citing the text of any old card with rules questions, your very first step should be to look up the card's actual current wording (at, among other places, gatherer.wizards.com), and quote that. In the case of Dominating Licid the differences are subtle (it uses some outdated terminology), but it's a good practice because there are some cards where the behavior with current text is substantially different (see Lotus Vale, for instance).
The current text of Dominating Licid is:
1UU, Tap: Dominating Licid loses this ability and becomes an Aura enchantment with enchant creature. Attach it to target creature. You may pay U to end this effect.
You control enchanted creature.