(1) (a) Any person may apply for the reservation of the exclusive use of a corporate name by delivering an application for reservation of name to the division for filing, setting forth:
         (i) the name and address of the applicant; and
         (ii) the name proposed to be reserved.
    (b) (i) If the division finds that the name applied for would be available for corporate use, the division shall reserve the name for the applicant's exclusive use for 120 days from the day the division receives the application under Subsection (1)(a).
         (ii) A reservation may be renewed.

(2) The owner of a reserved corporate name may transfer the reservation to any other person by delivery to the division for filing of a notice of the transfer that has been executed by the owner and states:
    (a) the reserved name;
    (b) the name of the owner; and
    (c) the name and address of the transferee.

(3) (a) The corporate name set forth in a document described in Subsection (3)(b) is reserved until the document:
            (i) becomes effective pursuant to Subsection 16-6a-108(2); or
            (ii) is withdrawn under Subsection 16-6a-108(3).
    (b) Subsection (3)(a) applies to a document that:
         (i) is one of the following:
              (A) articles of incorporation;
              (B) articles of amendment to articles of incorporation;
              (C) restated articles of incorporation; or
              (D) articles of merger;
         (ii) specifies a delayed effective date pursuant to Subsection 16-6a-108(2);
         (iii) sets forth a new corporate name; and
         (iv) is filed by the division. 

Enacted by Chapter 300, 2000 General Session