Reserved name.

A. The exclusive right to the use of a corporate name may be reserved by: (1) any person intending to organize a corporation under the Business Corporation Act; (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; or (5) any person intending to organize a foreign corporation and intending to have such corporation make application for a certificate of authority to transact business in this state. B. The reservation shall be made by filing with the commission [secretary of state] an application to reserve a specified corporate name, executed by the applicant. If the commission [secretary of state] finds that the name is available for corporate use, it shall reserve the name for the exclusive use of the applicant for a period of one hundred and twenty days. C. The right to the exclusive use of a specified corporate name so reserved may be transferred to any other person or corporation by filing in the office of the commission [secretary of state] a notice of transfer, executed by the applicant for whom the name was reserved, and specifying the name and address of the transferee.