The Planning Commission, by virtue of Section 7.02 of the Municipal Charter and any ordinance which may hereafter be passed by Council in accordance therewith, is authorized, subject to the holding of required public hearings, to adopt rules and regulations covering plats for subdivisions of land and to approve, conditionally approve or disapprove plats or subdivisions of land falling within their jurisdiction. Administration of the rules and regulations contained herein shall be the responsibility of the Commission.