(a) A person may reserve the exclusive use of a foundation's name by filing with the secretary of state an application to reserve the name.
(b) The application shall set forth:
(1) The applicant's name;
(2) The applicant's address; and
(3) The name that the applicant is applying to reserve.
(c) If the secretary of state finds that the name applied for is available, then the secretary of state shall reserve the name for the applicant's exclusive use for a 120-day period.
(d) Once having reserved a name, the applicant may renew the reservation of the name for successive 120-day periods.
(e) The applicant may transfer the reserved name to another person by filing with the secretary of state a notice of transfer.
(f) The notice of transfer shall set forth:
(1) The reserved name;
(2) The transferor's name;
(3) The transferee's name; and
(4) The transferee's address.
(g) The transfer of a reserved name under subsection (e) shall be effective upon filing the notice of transfer, and the transferee shall have the right to renew the reservation of the name in accordance with subsection (d).