§ 281-a. Alternative method of collection. 1. Notwithstanding any other provisions of this article, the tax commission may by rules, regulations or instructions provide that the taxes imposed by this article on any sale, delivery or transfer executed or effected within this state by any member of any securities exchange located within this state which is registered with the securities and exchange commission of the United States or by any member of a qualified securities exchange shall be paid to or through such exchange located within this state or in the discretion of the tax commission to or through its affiliated clearing corporation by the person, firm, company or association executing or effecting the sale, delivery or transfer, without the use of the stamps prescribed by this article; provided that if such taxes are paid through such exchange located within this state or through an affiliated clearing corporation, payment by any member of a qualified securities exchange shall be made to a qualified securities exchange or a qualified clearing corporation which has agreed to abide by the rules, regulations and instructions of the state tax commission and which the commission has authorized to accept payment and any such qualified securities exchange or qualified clearing corporation shall pay such taxes to such exchange located within this state or its affiliated clearing corporation. The taxes imposed by this article on any sale or transfer executed or effected within this state by any person, firm, corporation, company or association required to be registered with the attorney general of the state of New York as a dealer in securities, other than upon any such exchange, may also be paid without the use of the stamps prescribed by this article, under such rules and regulations as the tax commission may prescribe, to any agency duly authorized by the tax commission or to the tax commission, by the person, firm, company, corporation or association executing or effecting such sale or transfer without the use of the stamps prescribed by this article. In such event, a written report shall be made to such exchange located within this state, affiliated clearing corporation, authorized agency or the tax commission for each business day or such period as the tax commission may prescribe, by each such person, corporation, firm, company or association showing the amount of tax payable on all transactions taxable under this article and such other reasonable information as the tax commission may prescribe, provided, however, that if such taxes are paid through such exchange located within this state or its affiliated clearing corporation by a member of a qualified securities exchange, such written report shall be made to the qualified securities exchange or qualified clearing corporation, and such qualified securities exchange or qualified clearing corporation shall render a report to such exchange located within this state or its affiliated clearing corporation through which such taxes are paid showing the amount of tax payable on all transactions taxable under this article and such other reasonable information as the tax commission may prescribe. Such reports shall be preserved for such period as the tax commission may prescribe. At the time of making such reports, the amount of tax shown to be due thereon shall be paid to the tax commission or for the account of the tax commission to or through such exchange located within this state, affiliated clearing corporation or authorized agency and shall be remitted daily, unless otherwise prescribed by the tax commission, by such exchange, affiliated clearing corporation or authorized agency to the tax commission together with a report in such form as may be prescribed by the tax commission. The payment of the tax to or through an exchange, affiliated clearing corporation, authorized agency or the tax commission on each transaction as hereinbefore provided shall be evidenced by a certification in such form and manner as the tax commission may prescribe. In the event that collection of the tax is prescribed without the use of stamps as hereinbefore provided, all of the provisions of this article not inconsistent with this section shall apply. 2. For the purposes of this article the following terms shall have the following meanings: (a) An "affiliated clearing corporation" shall, if it has a place of business in this state, include a clearing corporation as defined in section 8--102 of the uniform commercial code and a clearing corporation affiliated with a national securities exchange or association registered with the securities and exchange commission of the United States, and the persons, firms, corporations, companies or associations by whom taxes may be paid without the use of stamps may, in the discretion of the tax commission, include depositors in the system maintained by such clearing corporation.

(b) A "qualified securities exchange" shall include any securities exchange located outside this state or any national securities association which is registered with the securities and exchange commission of the United States and which is a participant in an intermarket linkage system in which one or more national securities exchanges located within this state is a participant of such system.

(c) A "qualified clearing corporation" shall include a clearing corporation as defined in section 8--102 of the uniform commercial code which is affiliated with a qualified securities exchange.