/VERSION_LIMIT[=n]

    Sets the maximum number of versions that files in the directory
    can have. If you do not set a version limit, a value of 0 is used,
    indicating that the number of file versions is limited only to the
    Files-11 architectural limit of 32,767.

    If you change the version limit for a directory, the new version
    limit applies only to files created after the change has been made.
    When creating a file, if the total number of versions of that file
    name exceeds the specified version limit, then the file with the
    lowest version number is deleted from the directory without
    notification to the user.

    The version limit set on a directory has no effect on the version
    limit set on a particular file in that directory. To set a
    version limit on a particular file in a directory, use the
    SET FILE/VERSION_LIMIT[=n] command.

    To view the version limit on a directory, use the DIRECTORY/FULL
    command on a directory file and look at the File Attributes
    field of the output.