Reserved Name

(a)A person may reserve the exclusive use of a corporate name, including a fictitious name, for a foreign corporation whose corporate name is not available, by delivering an application to the Director of the Department of Revenue and Taxation for filing. The application must set forth the name and address of the applicant, and the name proposed to be reserved. If the Director of the Department of Revenue and Taxation finds that the corporate name applied for is available, the Director of the Department of Revenue and Taxation shall reserve the name for the applicant=s exclusive use for a non-renewable one hundred twenty

(120)day period.

(b)The owner of a reserved corporate name may transfer the reservation to another person by delivering to the Director of the Department of Revenue and Taxation a signed notice of the transfer that states the name and address of the transferee.

(c)The filing fee for every application for a reserved name shall be Twenty-five Dollars ($25.00).