Notwithstanding any other provisions of the Subdivision Regulations, a proposed division of a parcel of land along an existing public street, not involving the opening, widening or extension of any street or road, and involving no more than five lots after the original tract has been completely subdivided, may be submitted to the Planning and Zoning Commission for approval without plat. If the Planning and Zoning Commission, acting through a properly designated representative thereof, is satisfied that the proposed division is not contrary to applicable platting, subdividing or zoning regulations, it shall, within seven working days after submission, approve the proposed subdivision, and, on presentation of a conveyance of the parcel, shall stamp the same "Approved by the Planning and Zoning Commission; No Plat Required", and have it signed by its secretary or other official as may be designated by it. The Planning and Zoning Commission may require the submission of a sketch and such other information as is pertinent to its determination herein.