(1) Each agency or body authorized to approve subdivision plats under ORS 92.040 may:
(a) Review each subdivision approved on or after October 5, 1973, after the expiration of 10 years after the date of such approval.
(b) Review each subdivision plat approved more than 10 years prior to October 5, 1973.
(2) Each review conducted pursuant to subsection (1) of this section shall be conducted in the manner and subject to the conditions prescribed in ORS 92.225.