Pre Incorporatn Contract nd Allotment for Otherthan Cash Con

Fact of case :
   
1. Company is under Incorporation process..
   
2. A land is to be purchased & registry of that Land will be in the name of the proposed company.
   
3. Payment for purchase of Land is being made by the Promoters of the Company in THEIR OWN A/C (Personal Saving Account of Promoter)
   
4. Thus, Land is RECEIVED by the company against the payment by the promoter.. So, the Company will ALLOT SHARE FOR CONSIDERATION OTHERTHAN CASH (after incorporation) to those promoters who paid for the land.
  
Query on above :
   
1. Is it in order ?
   
2. If yes, then which documents / agreements has to be executed? n also provide the formate of the same.
   
3. If No, then what is wrong points in this procedure ? & whether the route of ratification of pre-incorporation contract wid third parties can be adopted in above case?
  
4. If the route of ratification of pre-incorporation contract wid third parties can be adopted in above case, then please tell me the steps for the same & also the format of pre-incorporation contract.