Article 6 Contracts for the development of land
The third type of equitable interest is an equitable interest in land arising under a contract for the development of that land which contract fulfils the following requirements—
the borrower is a body corporate having the provision of housing as its object or one of its objects;
the borrower agrees to develop the land primarily for residential purposes; and
it is a term that either—
the borrower may upon payment of the purchase price under the contract require the vendor to convey his legal estate in the land, or grant a leasehold interest derived therefrom, to the borrower, or
the borrower may upon fulfilment of his obligation to develop the land or any part thereof require the vendor to convey his legal estate in the land or that part, or grant a leasehold interest derived therefrom, to the borrower or a third party.