Prior to the actual adoption of the Official Map Ordinance or other municipal regulation of the use and development of land under this article, the Planning Board shall make and transmit to the governing body a full and complete report, including recommendations, concerning the proposed Official Map Ordinance or other municipal regulation. The Mayor and Township Committee, when considering the adoption of said Official Map Ordinance or other municipal regulation, shall review the report of the Planning Board and may disapprove or change any recommendation by a vote of a majority of its full authorized membership and shall record in its minutes the reasons for not following such recommendations. Failure of the Planning Board to transmit its report within the time limit prescribed by N.J.S.A. 40:55D-25a shall relieve the governing body from the requirements of N.J.S.A. 40:55D-26a in regard to the proposed Official Map Ordinance or other municipal regulation.