VMS Help CREATE, /DIRECTORY, Qualifiers, /VERSION_LIMIT  *Conan The Librarian (sorry for the slow response - running on an old VAX)

       /VERSION_LIMIT=n

    Specifies the number of versions of any one file that can exist
    in the directory. If you exceed the limit, the system deletes the
    lowest numbered version. A specification of 0 means no limit. The
    maximum number of versions allowed is 32,767. The default is the
    limit for the parent (next-higher-level) directory.

    When you change the version limit setting, the new limit applies
    only to files created after the setting was changed. New versions
    of files created before the change are subject to the previous
    version limit.