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