Section 270-E. Maximum amounts of tax

1.  Notwithstanding the provisions
  of section two hundred seventy of this chapter,  where  any  transaction
  subject to the tax imposed by this article involves a sale which relates
  to  shares  or  certificates  of  the  same class and issued by the same
  issuer, the amount of tax upon any such transaction which involves  such
  single  qualifying  sale shall not exceed the sum of three hundred fifty
  dollars, provided, however, that such transactions  involving  sales  by
  any  member of a securities exchange or by any registered dealer, who is
  permitted or required pursuant to any rules and regulations  promulgated
  by  the tax commission pursuant to the provisions of section two hundred
  eighty-one-a of this chapter to pay the taxes imposed  by  this  article
  without  the  use  of the stamps prescribed by this article, pursuant to
  one or more orders to sell such shares or certificates placed  with  the
  same  member  of  a securities exchange or the same registered dealer on
  one day, by the same person, each relating to shares or certificates  of
  the  same  class  and  issued by the same issuer, all of which sales are
  executed on the same day (regardless of whether it be  the  day  of  the
  placing  of  the  orders  to  sell),  shall,  for  the  purposes of this
  subdivision one, be considered to constitute a single qualifying sale.
    2.  All the provisions of this article shall apply with respect to the
  maximum amounts of tax provided for by this section to the  same  extent
  and  in  the  same  manner  and with the same force and effect as if the
  language of such provisions had been  incorporated  in  full  into  this
  section  and  had  expressly  referred  to  the  maximum  amounts of tax
  provided for under this section, except to  the  extent  that  any  such
  provision  is either inconsistent with a provision of this section or is
  not relevant to this section.  Provided, further, any reference in  this
  article  to  the  maximum  amounts of tax on a single taxable sale under
  subdivision two of section two hundred seventy-a of this  article  shall
  mean the maximum amounts of tax on a single qualifying sale provided for
  by  this section.   The term "tax" as used in this article shall include
  the maximum amounts of tax provided for by this section as well  as  the
  taxes  imposed  by  subdivisions one of sections two hundred seventy and
  two hundred seventy-d of this article, and  a  reference  to  such  tax,
  subdivision  one  of  section  two hundred seventy or subdivision two of
  section two hundred seventy-a shall include the maximum amounts  of  tax
  provided for by this section or this subdivision, as the case may be.