1 Alpha Corporation is a foreign corporation that wants to operate a representative office in the Philippines. As required by the Corporation Code, there is a need to appoint a Resident Agent as a condition precedent to the issuance of a license to transact business in the Philippines. After 2 years, Alpha Corporation removed its Resident Agent and did not appoint anyone anymore. Which statement is the most accurate?

a. There is no more effect in the license because anyway at the time of registration, a resident agent was appointed.

b. This will result in automatic revocation of its license to do business in the Philippines.

c. This can be a ground for revocation or suspension of its license to do business.

d. This can be a ground for suspension only.

2 X owns 99% of the capital stock of ABC Corporation. X also own 99% of XYZ Corporation. ABC Corporation obtained a loan from DEF Banks. On due date, ABC Corporate defaulted. XYZ Corporation is financially healthy. Which statement is most accurate?

a. XYZ Corporation, owned by 99% by X, can automatically be held liable

b. X being a controlling owner of ABC Corporation can automatically be held personally liable for the loan of ABC Corporation

c. ABC Corporation and XYZ Corporation, although both are owned by X, are 2 distinct corporations with separate juridical personalities hence, the XYZ Corporation cannot automatically be held liable for the loan of ABC Corporation

d. The principle of piercing the veil of corporation fiction can be applied in this case.