(1) A person in whose favour a name has been reserved under section 59 may, before the expiry of the specified period, apply to the registrar of companies for an extension of the specified period; such an application shall be accompanied by the prescribed fee.
(2) On the making of such an application, the registrar of companies may, if he or she considers it appropriate to do so, extend the specified period for such number of days (not exceeding 28 days) as the registrar determines and specifies in a notification of the determination to the applicant.
(3) If an application for incorporation of a company with a name that has been reserved under section 59 is received by the registrar of companies during the specified period from the person in whose favour the name has been so reserved, the fee payable to the registrar in respect of that incorporation shall be reduced by an amount equal to the amount of the fee paid under section 59(3) in respect of the reservation of that name.