(a) A person may reserve the exclusive use of a name that complies with section 34-243k by delivering an application to the Secretary of the State for filing. The application shall state the name and address of the applicant and the name to be reserved. If the Secretary of the State finds that the name is available, the Secretary of the State shall reserve the name for the applicant's exclusive use for a period of one hundred twenty days.
(b) The owner of a reserved name may transfer the reservation to another person by delivering to the Secretary of the State 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.