China: 《上市公司分拆所属子公司境内上市试点若干规定》

(征求意见稿)法律解
Last Updated: 28 August 2019
Article by Yuwei Wang
Most Read Contributor in China, September 2019

关于A股上市公司分拆子公司境内上市的法律可行性,借助于科创板开闸,德恒上海办公室科创板法律工作组曾于2019年1月21日进行初步研究,认为在法律层面上,分拆子公司到境内上市并没有法律障碍,允许分拆子公司于科创板上市既符合国家战略需求,也符合上市公司和创新企业的实际需求,具有可行性。

原文请见:《A股上市公司分拆子公司于科创板上市法律可行性研究》

2019年3月1日,中国证监会发布了《科创板上市公司持续监管办法(试行)》(以下简称"《持续监管办法》"),对A股上市公司能否分拆子公司科创板上市的焦点问题传递出了积极信号,即:在符合有关条件的前提下,允许上市公司分拆子公司在科创板上市,印证了上述分析结论的准确性。

2019年8月23日,中国证监会出台《上市公司分拆所属子公司境内上市试点若干规定》(征求意见稿,以下简称"《分拆上市规定》"),公开征求意见,这将引起市场对此问题的再度讨论和关注。本文拟就上市公司分拆子公司境内上市(以下简称"分拆上市")的一般条件和相关法律问题进行解读。

一、分拆上市条件对比

早在2010年4月,中国证监会曾允许满足相关条件的境内上市公司分拆子公司于境内创业板上市,但是自2011年12月起,监管部门的监管态度逐渐趋严,分拆子公司于境内上市工作一直没有实质性的进展。中国证监会曾于2004年7月颁布了《关于规范境内上市公司所属企业到境外上市有关问题的通知》(以下简称"67号文"),明确允许境内上市公司分拆子公司到境外上市,因此,近些年上市公司分拆子公司于境外上市在实践中较为常见,而成功实现分拆子公司于境内上市的案例很少。

笔者对分拆子公司境外上市/境内上市的相关条件进行了对比,具体如下:

序号

分拆子公司创业板上市(过往历史)

分拆子公司境外上市(67号文)

分拆子公司境内上市(征求意见)

1

-

-

上市公司股票上市已满3年

2

上市公司最近三年盈利,业务经营正常

上市公司在最近三年连续盈利

上市公司最近3个会计年度连续盈利, 且最近3个会计年度扣除按权益享有的拟分拆所属子公司的净利润后,归属上市公司股东的净利润累计不低于10 亿元人民币(净利润以扣除非经常性损益前后孰低值计算)

3

发行人净利润占上市公司净利润不超过50%

上市公司最近一个会计年度合并报表中按权益享有的所属企业的净利润不得超过上市公司合并报表净利润的50%

上市公司最近1个会计年度合并报表中按权益享有的拟分拆所属子公司的净利润不得超过上市公司合并报表净利润的50%

4

发行人净资产占上市公司净资产不超过30%

上市公司最近一个会计年度合并报表中按权益享有的所属企业净资产不得超过上市公司合并报表净资产的30%

上市公司最近1个会计年度合并报表中按权益享有的拟分拆所属子公司净资产不得超过上市公司合并报表净资产的30%

5

上市公司与发行人不存在同业竞争且出具未来不竞争承诺,上市公司及发行人的股东或实际控制人与发行人之间不存在严重关联交易

上市公司不存在资金、资产被具有实际控制权的个人、法人或其他组织及其关联人占用的情形,或其他损害公司利益的重大关联交易

上市公司不存在资金、资产被控股股东、实际控制人及其关联方占用的情形,或其他损害公司利益的重大关联交易

6

-

上市公司最近三年无重大违法违规行为

上市公司及其控股股东、实际控制人最近36个月内未受到过中国证监会的行政处罚;上市公司及其 控股股东、实际控制人最近12个月内未受到过证券交易所的公开谴责。上市公司最近一年及一期财务会计报告被注册会计师出具无保留意见审计报告

7

上市公司公开募集资金未投向发行人业务

上市公司最近三个会计年度内发行股份及募集资金投向的业务和资产不得作为对所属企业的出资申请境外上市

上市公司最近3个会计年度内发行股份及募集资金投向的业务和资产、 最近3个会计年度内通过重大资产重组购买的业务和资产,不得作为拟分拆所属子公司的主要业务和资产。 所属子公司主要从事金融业务的,上市公司不得分拆该子公司上市

8

上市公司及下属企业董、监、高及亲属持有发行人发行前股份不超过10%

上市公司及所属企业董事、高级管理人员及其关联人员持有所属企业的股份,不得超过所属企业到境外上市前总股本的10%

上市公司及拟分拆所属子公司董事、高级管理人员及其关联人员持有所属子公司的股份,不得超过所属子公司分拆上市前总股本的10%

9

-

上市公司与所属企业不存在同业竞争,且资产、财务独立,经理人员不存在交叉任职

上市公司应当充分披露并说明: 本次分拆有利于上市公司突出主业、增强独立性;上市公司与拟分拆所属子公司不存在同业竞争,且资产、财务、机构方面相互独立,高级管理人员、财务人员不存在交叉任职; 拟分拆所属子公司在独立性方面不存在其他严重缺陷

注:蓝色字体为《分拆上市规定》的新增要求。

二、对上市公司的要求

通过以上对比,可以看出,上市公司分拆子公司境内上市的门槛要求相对较高,这符合主管部门对此问题的一贯监管态度。例如,《持续监管办法》第31条规定:"达到一定规模的上市公司,可以依据法律法规、中国证监会和交易所有关规定,分拆业务独立、符合条件的子公司在科创板上市。"分拆上市对母公司的第一要求是"达到一定规模",体现在以下多个方面:

1.母公司需满足一定上市时间要求

对投资者而言,母公司上市是基于其业务发展的盈利性和可持续性,且投资者期望母公司继续发展该等业务,以获取投资收益,如果母公司上市后不久即分拆子公司单独上市,投资者对母公司本身业务发展的成长性和平稳性未免有疑虑,因此《分拆上市规定》明确规定拟分拆的上市公司须"股票上市满三年"。

2.母公司的业务规模足以支持其业务分拆

这一点是"分拆上市"的核心条件之一。分拆子公司上市是母子公司"同时上市",不可因子公司上市而导致母公司发展受到重大不利影响。一般而言,母公司维持其独立上市地位,应符合最低盈利规定和持续盈利规定,否则其自身的业务规模将无法允许其分拆。

有鉴于此,《分拆上市规定》规定,上市公司最近3个会计年度连续盈利,且最近3个会计年度扣除按权益享有的拟分拆所属子公司的净利润后,归属上市公司股东的净利润累计不低于10亿元人民币(净利润以扣除非经常性损益前后孰低值计算)。实际上,该项条件已将绝大部分的上市公司排除在外,笔者认为符合该项条件的多为大型的国有上市企业、部分行业和地域的龙头企业。

此外,《分拆上市规定》对能否进行业务分拆的比例作出了要求,延续了过往的"50%"和"30%"的指标,具体而言:上市公司最近1个会计年度合并报表中按权益享有的拟分拆所属子公司的净利润不得超过上市公司合并报表净利润的50%;上市公司最近1个会计年度合并报表中按权益享有的拟分拆所属子公司净资产不得超过上市公司合并报表净资产的30%。如超出了上述比例限制,则该等分拆将被视为不利于母公司的业务发展和维持上市地位,无法实施分拆。

3.母公司需符合独立性要求

尽量减少关联交易,维护上市公司的独立性地位;防止上市公司在非竞争的条件下出现不公正情况,进而形成对股东或部分股东权益的侵犯,一直是监管部门关注的核心要点。分拆上市后,被分拆的子公司仍被上市公司"直接或间接控制",在此情况下,上市公司的独立性瑕疵极易传导和放大至分拆的子公司,这不仅大幅提升了监管难度,也易导致大量中小股东和债权人利益受到损害。因此,杜绝"资金、资产被控股股东、实际控制人及其关联方占用或其他损害公司利益的重大关联交易",作为一项实质条件要求,其重要性不言而喻。

4.母公司分拆需符合一定的程序性要求

鉴于子公司业务单独上市后的市场反映和估值表现存在不确定性,分拆上市可能也会对母公司股东利益或债权人利益产生不利影响。因此,拟分拆上市的上市公司需要对分拆后的公司独立性、持续经营能力、维护中小股东利益等方面应进行充分的分析和论证。《分拆上市规定》特别规定了两个"2/3以上"的表决比例,即:上市公司股东大会就分拆事项作出决议,须经出席会议的股东所持表决权的三分之二以上通过,且经出席会议的中小股东所持表决权的三分之二以上通过。上市公司董事、高级管理人员在拟分拆所属子公司安排持股计划的,该事项应当由独立董事发表专项意见,作为独立议案提交股东大会表决,并须经出席股东大会的中小股东所持表决权的半数以上通过,且就上市公司分拆后能否保持独立性及持续经营能力等分拆方案和事项进行逐项审议并表决。

5.母公司不应存在限制性、禁止性情形或重大不利影响

境内资本市场总体上仍处于新兴加转轨的发展阶段,股票发行上市制度应逐渐引导投资者提高风险识别能力和理性投资意识。如母公司本身存在违法违规行为或重大不利影响,投资者特别是中小投资者的利益将很难得到保护,这也将影响资本市场的长期稳定发展。正因如此,《分拆上市规定》明文规定:"上市公司及其控股股东、实际控制人最近36个月内未受到过中国证监会的行政处罚;上市公司及其控股股东、实际控制人最近12个月内未受到过证券交易所的公开谴责。上市公司最近一年及一期财务会计报告被注册会计师出具无保留意见审计报告"。

通过对比子公司境内、外上市的要求,可以看出,从范围上,对分拆上市合法、合规性的要求不仅局限于母公司,更"穿透"至上市公司的控股股东、实际控制人,这体现出了监管部门对于分拆上市的谨慎态度;另一方面,母公司即已是上市公司,公司日常运作较为规范,因此对规范性的要求从"无重大违法违规行为"进一步延伸为"无中国证监会行政处罚"、"无交易所公开谴责"和"无保留意见审计报告"等,比过往要求相比,更具务实性、可判断性和可执行性。

三、母子公司之间的独立性要求

从市场监管角度,分拆子公司上市后会出现两家上市公司,在母子公司的组织架构下,两个上市公司之间可能会产生同业竞争、关联交易及缺乏独立性等多方面问题,同时也容易出现利益输送、操作市场等违法违规的行为,从而扰乱金融市场,侵害中小投资者利益。保持母子公司的互相独立、风险隔离、尽量减少利益关联显得尤为重要,具体体现为:

1.母子公司之间应减少利益关联

《分拆上市规定》规定,"上市公司及拟分拆所属子公司董事、高级管理人员及其关联人员持有所属子公司的股份,不得超过所属子公司分拆上市前总股本的10%"。

2.母子公司之间不得同业竞争,保持业务独立性

"上市公司应当充分披露并说明:本次分拆有利于上市公司突出主业、增强独立性;上市公司与拟分拆所属子公司不存在同业竞争,且资产、财务、机构方面相互独立,高级管理人员、财务人员不存在交叉任职;拟分拆所属子公司在独立性方面不存在其他严重缺陷"。

如上市公司拟分拆上市,母公司和子公司分别保留的业务和商业利益应当清楚划分,防止产生同业竞争的情形,并在上市申请文件中予以充分的披露和说明;同时,在人员方面,公司"高级管理人员、财务人员不得交叉",防止母子公司利益实际或可能存在的冲突。

四、其他条件要求

1.防止相同资产的"二次上市"

目前,我国仍然是资本短缺国家,上市融资仍然是稀缺资源。母公司上市后,已利用了资本市场的融资资源。如果允许相同的资产进行二次上市,与我国资本市场现在发展阶段、功能定位和监管理念不契合,会导致社会整体资源分配不均。因此,《分拆上市规定》要求:"上市公司最近3个会计年度内发行股份及募集资金投向的业务和资产、最近3个会计年度内通过重大资产重组购买的业务和资产,不得作为拟分拆所属子公司的主要业务和资产"。这一点在分拆子公司境内上市中得到坚持,作为条件之一。

值得注意的是,相比于过往要求,《分拆上市规定》将限制范围扩大到"最近3个会计年度内通过重大资产重组购买的业务和资产",以进一步防范相同资产的"二次上市"。

2.上市公司相关信息披露要求

(1)母公司已为上市公司,自身需要履行严格的信息披露义务。同时,分拆上市对投资者决策和上市公司证券及其衍生品种交易价格无疑会产生较大影响。因此,《分拆上市规定》要求上市公司应当参照中国证监会、证券交易所关于上市公司重大资产重组的有关规定,充分披露对投资者决策和上市公司证券及其衍生品种交易价格可能产生较大影响的所有信息。

(2)充分披露分拆的影响、提示风险。上市公司应当根据中国证监会、证券交易所的规定,披露分拆的目的、必要性、可行性;分拆对各方股东特别是中小股东、债权人和其他利益相关方的影响;分拆预计和实际的进展过程、各阶段可能面临的相关风险,以及应对风险的具体措施、方案等。

3.持续督导义务

《分拆上市规定》要求上市公司应当聘请具有保荐机构资格的证券公司担任财务顾问,并在境内上市当年剩余时间及其后一个完整会计年度,持续督导上市公司维持独立上市地位。具体需要承担以下工作:1.持续关注上市公司核心资产与业务的独立经营状况、持续经营能力等情况;2.针对所属子公司发生的对上市公司权益有重要影响的资产、财务状况变化,以及其他可能对上市公司股票价格产生较大影响的重要信息,督导上市公司依法履行信息披露义务;3.持续督导工作结束后,自上市公司年报披露之日起10个工作日内出具持续督导意见,并予以公告。

分拆子公司上市也属于"首发上市"行为,因此除应满足以上条件外,被分拆的子公司上市应同时符合《首次发行股份并上市管理办法》、《上市公司重大资产重组管理办法》等关于首发上市和重大资产重组方面的法律法规、中国证监会公布的部门规章、指导性文件、证券交易所的业务规则以及规范运作指引的相关要求。

可以预见的是,《分拆上市规定》作为一项重要的制度创新,将重启上市公司分拆子公司境内上市的大门,未来会对境内资本市场带来深远的影响。

五、过往分拆上市项目中监管部门重点关注问题

德恒曾承办多个分拆上市项目,包括A股上市公司分拆子公司H股上市、H股上市公司分拆子公司A股或科创板上市等,在该等分拆上市项目中,相关监管部门往往对母子公司之间的独立性进行重点关注,例如:

在德恒承办的A股上市公司日照港股份有限公司(600017)分拆子公司日照港裕廊股份有限公司(HK.06117)于香港上市项目中,中国证监会反馈意见问到"你公司与控股股东日照港股份有限公司不存在实质性同业竞争(主要基于经营货种和面向客户不同判断),且已出具避免同业竞争承诺函。请公司律师就上述情形是否符合《关于规范境内上市公司所属企业到境外上市有关问题的通知》(证监发〔2004〕67号)的规定出具补充法律意见,并请补充说明你公司未来多元化货源结构战略和避免同业竞争承诺的关系如何协调。"同时,香港联交所反馈意见同样对母子公司的业务划分及对控股股东的依赖重点关注,要求发行人详述。

在德恒承办的H股上市公司MicroPort Scientific Corporation(HK.00853,以下简称"微创医疗")分拆子公司上海微创心脉医疗科技股份有限公司(688016)于科创板上市项目中,上海证券交易所同样对母子公司的独立性及同业竞争进行关注,要求保荐机构核查发行人与微创医疗及其控制的公司是否存在同业竞争,并说明核查过程和核查结论。

上述分拆上市项目中,上市公司与发行人之间的独立性及同业竞争问题均为监管部门发行审核过程中重点关注的问题。发行人及中介机构需对上市公司及发行人的现有业务进行核查、分析。对于不存在同业竞争的,应具体分析、说明并披露相关情况;对于确实存在或者可能存在同业竞争的,应采取必要措施以按照最大限度符合发行人利益的方式退出该等竞争,包括但不限于停止生产经营构成竞争或可能构成竞争的产品或业务、将相竞争的业务转让给无关联的第三方、将相竞争的业务纳入到发行人来经营等。另外,上市公司与发行人应签署避免同业竞争的承诺函,承诺其自身及下属企业未来不直接从事相同或类似的产品生产和业务经营。

除此之外,分拆上市的母子公司之间,实践中往往存在资金占用、互为担保、部分客户供应商重叠等情形,笔者认为参照现有上市项目审核态度和《分拆上市规定》,应尽量避免和及时清理以上情形,在业务、资产、人员、财务、机构等各方面保持独立,以尽量减小上市阻碍。

德恒作为一家深耕于证券法律服务领域的大型律师事务所,长期以来一直为众多企业境内、外IPO包括分拆子公司上市提供优质、专业的法律服务,并致力于研究和推动中国资本市场健康有序的发展。我们未来将持续关注分拆子公司境内上市的相关进展,提供专业、及时的法律解读。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions