(a) If any corporation which has heretofore carried on business in this State, and is indebted to the Commonwealth, shall have gone into liquidation, become insolvent, or ceased to carry on business, or has no known or available property in this or any other state that may be seized in execution by process issued out of any of the courts of this or any other State, or if such property as it owns is insufficient to satisfy the taxes or other debts due from it, the Department of Revenue may, with the approval of the Department of the Auditor General and of the Attorney General, compound or settle any taxes or other debts due by such corporation to the Commonwealth, on such terms as may be adjudged by said officers to be for the best interests of the Commonwealth, and the lien of the Commonwealth shall be reduced to the amount of taxes or debt as compounded or compromised.

(b) In compounding and settling such taxes or other debts due from any such insolvent corporation in bankruptcy or reorganization under any State or Federal law, the Department of Revenue may, with the approval of the Auditor General and the Attorney General, accept in lieu of cash any property, other than real property, of historical significance: Provided, That the Pennsylvania Historical and Museum Commission certifies to the Department of Revenue that the property involved possesses historical significance: And, provided further, That the commission, based upon not less than two competent independent appraisals, shall certify the value of such property. Upon such certifications and upon acceptance of delivery of such property by the commission, the amount of taxes or debt as compounded or compromised shall be reduced by the amount certified by the commission.