Agreement to make payment of betterment fee a charge on land

Any person liable to pay a betterment fee in respect of any land, may, instead of paying the same to the municipal council execute an agreement with the municipal council to leave the payment outstanding as a charge on his interest in the land, subject to the payment for a period not exceeding five years of interest at the rate of six per cent per annum, the first annual payment of such interest to be made one year from the date referred to in section 165.