In the case of a plat of land, a plat for the subdivision of which into two (2) or more parcels or lots for the purpose of development and sale has, prior to the effective date of the ordinance from which this chapter derives, been duly approved and recorded as required by law, which plat does not make provisions for full adherence to the regulations of this chapter governing minimum lot areas or widths, front, side or rear yards, or building coverage, but was in conformity with such regulations as were effective at the time such plan was approved and recorded, the development and sale contemplated by the plat may not proceed unless brought into complete compliance with this chapter.