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VOLUME 690

CORPORATION LAW Obligations of a cororation

HEIRS OF FE TAN UY (Represented by her heir, Mauling Uy i!",#etiti$ners, %s& INTERNATIONA E'HAN)E *AN+, Resp$ndent&

)&R& N$& --./. February 0, .10

Obligati$ns in2urred by the 2$rp$rati$n, a2ting thr$ugh its dire2t$rs, $33i2ersand e!pl$yees, are its s$le liabilities& A dire2t$r, $33i2er $r e!pl$yee $3 a2$rp$rati$n is generally n$t held pers$nally liable 3$r $bligati$ns in2urred bythe 2$rp$rati$n&

CORPORATION LAW R!"#isit!s for $ir!ctor or offic!r to b! liabl!

HEIRS OF FE TAN UY (Represented by her heir, Mauling Uy i!",#etiti$ners, %s& INTERNATIONA E'HAN)E *AN+, Resp$ndent&

)&R& N$& --./. February 0, .10

*e3$re a dire2t$r $r $33i2er $3 a 2$rp$rati$n 2an be held pers$nally liable 3$r2$rp$rate $bligati$ns, h$4e%er, the 3$ll$4ing re5uisites !ust 2$n2ur6 (" the2$!plainant !ust allege in the 2$!plaint that the dire2t$r $r $33i2erassented t$ patently unla43ul a2ts $3 the 2$rp$rati$n, $r that the $33i2er 4asguilty $3 gr$ss negligen2e $r bad 3aith7 and (." the 2$!plainant !ust 2learlyand 2$n%in2ingly pr$%e su2h unla43ul a2ts, negligen2e $r bad 3aith&

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CORPORATION LAW Pi!rcing %!il of cororat! fiction

HEIRS OF FE TAN UY (Represented by her heir, Mauling Uy i!",#etiti$ners, %s& INTERNATIONA E'HAN)E *AN+, Resp$ndent&

)&R& N$& --./. February 0, .10

The pier2ing $3 the %eil $3 2$rp$rate 3i2ti$n is 3r$4ned up$n and 2an $nly bed$ne i3 it has been 2learly established that the separate and distin2tpers$nality $3 the 2$rp$rati$n is used t$ 8usti3y a 4r$ng, pr$te2t 3raud, $rperpetrate a de2epti$n&

CORPORATION LAW &octrin! of i!rcing %!il of cororation

HEIRS OF FE TAN UY (Represented by her heir, Mauling Uy i!",#etiti$ners, %s& INTERNATIONA E'HAN)E *AN+, Resp$ndent&

)&R& N$& --./. February 0, .10

Under a %ariati$n $3 the d$2trine $3 pier2ing the %eil $3 2$rp$rate 3i2ti$n,4hen t4$ business enterprises are $4ned, 2$ndu2ted and 2$ntr$lled by thesa!e parties, b$th la4 and e5uity 4ill, 4hen ne2essary t$ pr$te2t the rights

$3 third parties, disregard the legal 3i2ti$n that t4$ 2$rp$rati$ns are distin2tentities and treat the! as identi2al $r $ne and the sa!e&

CORPORATION LAW '#bsi$iar(

#HII# SI)FRI9 A& FORTUN, #etiti$ner, %s& #RIMA :ESUSA *&;UINSAYAS, MA& )EMMA O;UEN9O, 9ENNIS AYON, NENITAO;UEN9O, ESMAE MAN)U9A9ATU, :OSE #AOR+ IN&, thr$ugh itsne4 edit$rs Ra33y :i!ene? and

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TORRES, #HII##INE STAR represented by its Edit$r@in@hie3 Isaa2*el!$nte, and E9U #UNAY, Resp$ndents&

)&R& N$& BCD/ February 0, .10

A subsidiary has an independent and separate 8uridi2al pers$nality distin2t3r$! that $3 its parent 2$!pany and that any suit against the latter d$es n$tbind the 3$r!er and vice-versa&