1. The heading of Title III of the First Directive is replaced by the following:
"TITLE III A
Rules applicable to agencies or branches established within the Community and belonging to undertakings whose head offices are outside the Community'
2. The following heading is placed after Article 32 of the First Directive:
"TITLE III B
Rules applicable to subsidiaries of parent undertakings governed by the laws of a third country and to acquisitions of holdings by such parent undertakings '.