(a) The exclusive right to the use of a corporate name may be reserved by: (1) Any individual intending to organize a corporation under this chapter. (2) Any domestic corporation intending to change its name. (3) Any foreign corporation intending to make application for a certificate of authority to transact business in this state. (4) Any foreign corporation authorized to transact business in this state and intending to change its name. (5) Any individual intending to organize a foreign corporation and intending to have the corporation make application for a certificate of authority to transact business in this state. (b) The reservation is made by filing with the secretary of state an application to reserve a specified corporate name, executed by the applicant. If the secretary of state finds that the name is available for corporate use, the secretary of state shall reserve the name for the exclusive use of the applicant for a non-renewable period of one hundred and twenty (120) days. (c) The right to the exclusive use of a specified corporate name so reserved may be transferred to any other person by filing in the office of the secretary of state a notice of the transfer, executed by the applicant for whom the name was reserved, and specifying the name and address of the transferee.
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