(2) If the registrar of titles is
satisfied as to the bona fides of the application and that the proposed name
is a name with which the plan could be registered without contravention of
section 9the registrar shall reserve the proposed name in the manner
prescribed for a period of 2 years from the date of the lodging of the
application.
(3) If, at any time during the period for which a name is
reserved, an application, accompanied by the relevant titles registry fee, is
made to the land registry for an extension of that period and the
registrar of titles is satisfied as to the bona fides of the application, the
registrar may extend that period for a further period of 1 year.