The following sub-paragraph shall be substituted for sub-paragraph (2) of paragraph 1 of the same Schedule to the principal Act:—

“(2)

A contract made or other liability created or arising after the commencement of this Act for the settlement of land—

(i)

by or on the part of an estate owner; or

(ii)

by a person entitled to—

(a)

an equitable interest which is capable when in possession of subsisting at law; or

(b)

an entailed interest; or

(c)

a base or determinable fee or a corresponding interest in leasehold land;

shall, but in cases under paragraph (ii) only if and when the interest of the person entitled takes effect free from all equitable interests and powers under every prior settlement, if any, be deemed an estate contract within the meaning of the Land Charges Acts, and may be registered as a land charge accordingly, and effect shall be given thereto by a vesting deed and a trust instrument in accordance with this Act.”