(1) The choice has effect from the time the entity makes the choice.
(2) The choice ceases to have effect if:
(a) the entity revokes the choice; or
(b) the entity ceases to meet the requirements of subsection 63-5(2).
(3) However, the entity:
(a) cannot revoke the choice within 12 months after the day on which the entity made the choice; and
(b) cannot make a further choice within 12 months after the day on which the entity revoked a previous choice.