Section 3. (a) The exclusive right to the use of a name may be reserved by:
(1) any person intending to organize a limited partnership under this chapter and to adopt such name;
(2) any domestic limited partnership or any foreign limited partnership registered in the commonwealth which, in either case, intends to adopt such name;
(3) any foreign limited partnership intending to register in the commonwealth and adopt such name; and
(4) any person intending to organize a foreign limited partnership and intending to have it registered in the commonwealth and adopt such name.
(b) The reservation shall be made by filing with the secretary of state an application, executed by the applicant and accompanied by the requisite fee, to reserve a specified name. If the secretary of state finds such name is available for use by a domestic or foreign limited partnership, he shall reserve the name for the exclusive use of the applicant for a period of 60 days. The secretary of state may extend the reservation for an additional 60 days upon written request of the applicant accompanied by the requisite fee. The right to the exclusive use of a reserved name may be transferred to any other person by filing in the office of the secretary of state a notice of the transfer, executed by the applicant for whom the name was reserved, specifying the name and the address of the transferee and accompanied by the requisite fee.