Reservation of Name

(a)A person may reserve the exclusive use of a name that complies with § 17113 of this Act by delivering an application to the Director of Revenue and Taxation for filing. The application must set forth the name and address of the applicant and the name to be reserved. If the Director finds that the name is available, the Director shall reserve the name for the applicant’s exclusive use for a period of one hundred twenty

(120)calendar days.

(b)The owner of a reserved name may transfer the reservation to another person by delivering to the Director of Revenue and Taxation a signed notice in a record of the transfer which states the name and address of the person to which the reservation is being transferred.