(1) An election under section 650B or 651A to take a new form of consideration must be made:
(a) by written notice to the bidder; and
(b) within 1 month after the person receives the notice from the bidder of their right to make the election.
(2) The person becomes entitled to the new form of consideration if they:
(a) make the election; and
(b) return to the bidder:
(i) any consideration they have already received; and
(ii) any necessary transfer documents.