Yes it does, if you wait until a new conquest update and use it, you can recharge it right there on the spot and in a way, get to use it twice. This does recharge the timer, I have done it myself on many occasions
This is wrong,
You can ONLY have 1 charge left on your band, so you use it, and your band has NO remaining charges, then you simply recharge it and Walah! you now have a fully charged band, PLUS its ready to use!