In this paper I present a new geometric approach to the factorization rule for generalised theta functions. Let be an irreducible projective nodal curve with one singularity and let be its normalization. Recently I have constructed the moduli stack of rank Gieseker vector bundles on and have shown that its normalization is a locally trivial fibration over the moduli stack of vector bundles on , where the fibre is a canonical compactification of . In this paper I prove a canonical direct sum decomposition of the space of global sections of a power of the theta line bundle on where the summands are spaces of global sections of certain line bundles on the moduli stack of parabolic bundles on the two-pointed curve .

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