Matter of Bank of Manhattan Co. (Murphy)

Lehman, Ch. J.

Bank of the Manhattan Company was incorporated by a special act of the Legislature of the State of New York on April 2, 1799. It conducts a general banking business as authorized by the laws of the State. The parties have stipulated that throughout the year 1939 it “ exercised substantially similar functions and engaged in substantially similar business as national banks in State of New York incorporated under the laws of the United States.” Article 18 of the Labor Law entitled “ Unemployment Insurance Fund” was added to the Labor Law by chapter 468 of the Laws of 1935. It…