A borough may:
(1) Have succession perpetually by its corporate name.
(2) Sue and be sued and complain and defend in the courts of this Commonwealth.
(3) Make and use a common seal and alter the same at its discretion.
(4) Purchase, exchange, acquire by gift or otherwise, hold, lease, let and convey, by sale or lease, real and personal property deemed to be in the best interest of the borough, subject to the restrictions, limitations or exceptions as set forth in this chapter.