5305 - Reservation of corporate name.
§ 5305. Reservation of corporate name. (a) General rule.--The exclusive right to the use of a corporate name may be reserved by any person. The reservation shall be made by delivering to the Department of State an application to reserve a specified corporate name, executed by the applicant. If the department 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 120 days. (b) Transfer of reservation.--The right to exclusive use of a specified corporate name reserved under subsection (a) may be transferred to any other person by delivering to the department a notice of the transfer, executed by the person who reserved the name, and specifying the name and address of the transferee. (c) Cross references.--See sections 134 (relating to docketing statement) and 6131 (relating to registration of name). (Dec. 21, 1988, P.L.1444, No.177, eff. Oct. 1, 1989; Dec. 19, 1990, P.L.834, No.198, eff. imd.) 1990 Amendment. Act 198 former section 5305 and added a new section 5305. Cross References. Section 5305 is referred to in section 503 of Title 54 (Names).