If-

(a) a partnership or other unincorporated association of persons is dissolved or otherwise ceases to exist because of the admission of a new partner or member or of retirement;

(b) a new partnership or an unincorporated association of persons, consisting of the remaining members, comes into existence; and

(c) the said partnership or unincorporated association of persons carries on the same economic activity as was carried on by the dissolved partnership or association, the dissolved partnership or association and the new partnership or association shall,

then, for the purposes of this Act, be deemed to be an inseparable partnership or association of persons.