Rule 3 of payment of dividend out of reserves

Dear Professional,

Please clarify my doubt regarding payment of dividend out of reserves..

The rate of dividend declare shall not exceed the average of the rates at which dividend was declared in 3 immediate preceding year.

However this rule is not applicable to a company which has not declared any dividend in each of the 3 PFY.

Here what is a meaning of each of the 3 PFY ? All 3 PFY or any 3 PFY ??

Thank you