(a) As used in this section, the following terms shall have the meanings herein set forth:

(b) The taxes imposed by article 12 of the Tax Law on any sale, delivery or transfer of stock or other corporate certificates, executed or effected within the State of New York by an eligible member of an authorized corporation, shall be paid to such corporation for the account of the commissioner by such member without the use of the stamps prescribed by article 12.

(c) Every eligible member shall, for each full business day upon which such authorized corporation is clearing or settling, make a report to such corporation on a form prescribed by the commissioner for such purpose. The report shall show the amount of stock transfer taxes payable on all sales, deliveries or transfers executed or effected by such member which under the rules of such corporation or otherwise are due for clearance or settlement on that day by such member, and shall also contain such other information as the commissioner may prescribe. Additionally, the report shall show the amount of the rebate of tax due, as provided for in section 280-a(6) of the Tax Law. The report shall also authorize and direct such corporation to remit to the commissioner or the commissioner's duly designated depositary the amount of taxes which such report shows to be payable, and to charge such amount to the account of the member making the report. Such report shall be filed with such corporation not later than the business day following that for which the report is made. The amount of taxes so required to be reported must be shown in a separate account on the general ledger of the member, and the postings to such account shall clearly refer to the books of original entry showing separately the tax required to be reported on:

in such form and manner that they may be readily audited by the department.

(d) The provisions of subdivisions (d), (e) and (g) of section 52.2 of this Part shall be applicable for the purposes of this section, except that the terms “clearing corporation” and “broker” used in said subdivisions shall be read as “authorized corporation” and “eligible member,” respectively, for the purposes of this section.

(e) The authority granted to any corporation to receive payment of taxes pursuant to this section may be cancelled at any time upon 30 days written notice to such corporation, and if the commissioner believes that the collection of taxes due will be jeopardized by delay, may be cancelled forthwith or upon less than 30 days notice.

(f) Every authorized corporation shall, upon being authorized by the commissioner to receive payment of taxes pursuant to this section, report to the commissioner the names and addresses of all its eligible members as defined in subdivision (a) of this section, and shall furnish to the commissioner such other information as the commissioner may require with respect to such members. It shall also immediately advise the commissioner when any person, firm or corporation becomes an eligible member or ceases to be an eligible member, and of the date as of which such membership begins or terminates.