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Benguet Consolidated Mining Co. v. Pineda, 98 Phil. 711 (1956 ). The entity was then known as
"sociedades anonimas" and not as "corporations".
Corporation Law (Act No. 1459) - It had some 27 piecemeal amendments during the Act's 74
year history. It rapidly became obsolete and antiquated and not adapted to the changing times in
the business and industrial world. Benguet, supra.