The Planning Commission may act as the Platting Commission of the municipality. As such, it shall provide for planning and regulations covering the platting of all lands which are subject to control by the municipality, and shall cause an official map of such territories to be made. The Commission shall carry out the municipal planning function, including the preparation of a master plan, and make such investigations, reports and recommendations relating to planning and the physical development of the Village as it finds necessary and desirable. Regular meetings shall be held at least once each month.