(a) Partial acceptance.--The following shall apply:

(1) An incorporated town incorporated or acting under a local or special act may, by ordinance, elect to be governed by the provisions of this part and shall surrender any provisions of its special and local acts that are inconsistent with this part adopted by the incorporated town.

(2) An ordinance under paragraph (1) shall indicate the provisions of this part to be adopted and, if applicable, the provisions of the incorporated town's special and local acts to be surrendered.

(3) On and after the effective date of the ordinance and until the ordinance may be repealed or amended, the provisions of this part indicated in the ordinance shall be the law applicable to the incorporated town, and the provisions of any local or special acts, to the extent surrendered as indicated in the ordinance, shall not apply to the incorporated town.

(b) Full acceptance.--An incorporated town incorporated or acting under any local or special act may elect to accept this part in its entirety and surrender all local and special acts by petition as set forth in section 107 (relating to acceptance). If an incorporated town accepts this part in its entirety and surrenders all local and special acts, the incorporated town shall become a borough, and the decree of the court permitting the acceptance shall indicate the name of the new borough.

(c) Force and effect.--The following shall apply:

(1) If an incorporated town accepts this part under this section, all of the following shall continue with the same force and effect as if no acceptance had been made:

(i) Liabilities incurred.

(ii) Rights accrued or vested.

(iii) Obligations issued or contracted.

(iv) Suits and prosecutions pending or to be instituted to enforce any right or penalty accrued or punish any offense committed prior to acceptance.

(v) Ordinances.

(2) An incorporated town shall not have the power to alter or amend any provision of this part that has been adopted in accordance with this section or section 107.