(a) General rule.--The following shall apply:

(1) If the corporate name of a borough differs from the name of the borough in general usage or from the post office designation due to minor discrepancies in spelling, capitalization or the manner of compounding the elements of the name, the court of common pleas, upon petition, may change the name of the borough to conform to the name in general usage or to the post office designation.

(2) The petition under paragraph (1) may be presented by any of the following:

(i) Council, pursuant to a resolution.

(ii) At least 5% of the registered electors of the borough.

(b) Petition.--The following shall apply:

(1) Upon the presentation of a petition under subsection (a), the court shall set and provide notice of a hearing date. An inhabitant of the borough may remonstrate against the granting of the petition at the hearing.

(2) If the court grants the petition, the decree of the court shall be recorded, and the corporate name of the borough shall be as provided in the petition from the date of recording.

(c) Dissemination of decree.--The recorder of deeds in each county affected shall certify to the Department of State, the Department of Transportation, the Department of Community and Economic Development and the county planning commission a copy of the decree changing the corporate name of the borough.

(d) Force and effect.--A change of corporate name shall not affect any of the following:

(1) Liabilities incurred.

(2) Rights accrued or vested.

(3) Obligations issued or contracted.

(4) Any suits or prosecutions pending or instituted to enforce any right or penalty accrued or to punish any offense committed prior to the change.