During the period when the public business is being conducted at the emergency temporary location or locations, the governing body and other officers of a political subdivision of this Commonwealth shall exercise at the location or locations all of the executive, legislative and judicial powers and functions conferred upon the governing body and officers by law. These powers and functions may be exercised in the light of the exigencies of the emergency situation without regard to time-consuming procedures and formalities prescribed by law and pertaining to them, and all acts of the governing body and officers shall be as valid and binding as if performed within the territorial limits of their political subdivision.