(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 that name;
(2) any domestic limited partnership or any foreign limited partnership registered in the Virgin Islands which, in either case, intends to adopt that name;
(3) any foreign limited partnership intending to register in the Virgin Islands and adopt that name; and
(4) any person intending to organize a foreign limited partnership and intending to have it register in the Virgin Islands and adopt that name.
(b) The reservation shall be made by filing with the Office of the Lieutenant Governor an application, executed by the applicant, to reserve a specified name. If the Office of the Lieutenant Governor finds that the name is available for use by a domestic or foreign limited partnership, the office of the Lieutenant Governor shall reserve the name for the exclusive use of the applicant for a period of 120 days. Once having so reserved a name, the same applicant may not again reserve the same name until more than 60 days after the expiration of the last 120-day period for which that applicant reserved that name. The right to the exclusive use of a reserved name may be transferred to any other person by filing in the office of the Lieutenant Governor a notice of the transfer, executed by the applicant for whom the name was reserved and specifying the name and address of the transferee.