src/Pure/Thy/thy_load.ML

     val {name = (name, _), ...} = header;
     val _ = Thy_Header.define_keywords header;
     val _ = Present.init_theory name;
     fun init () =
       begin_theory master_dir header parents
-      |> Present.begin_theory update_time master_dir;
+      |> Present.begin_theory update_time;
 
     val lexs = Keyword.get_lexicons ();
 
     val toks = Thy_Syntax.parse_tokens lexs text_pos text;
     val spans = map (Thy_Syntax.resolve_files (read_files master_dir)) (Thy_Syntax.parse_spans toks);