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

       /PROTECTION=(ownership[:access][,...])

    Applies the specified protection to the volume:

    o  Specify the ownership parameter as system (S),  owner (O),
       group (G),  or world (W).

    o  Specify the access parameter as read (R),  write (W), create
       (C),  or delete (D).

    The default is your default protection. Note that the /GROUP,
    /SHARE, and /SYSTEM qualifiers can also be used to define
    protection for disk volumes.

    For magnetic tape, the protection code is written to an OpenVMS
    specific volume label. The system applies only read (R)  and
    write (W)  access restrictions; create and delete (D) access are
    meaningless. Moreover, the system and the owner are always given
    both read (R)  and write (W) access to magnetic tapes, regardless
    of the protection code you specify.

    For more information on specifying protection code, refer to the
    OpenVMS Guide to System Security. Any attributes not specified
    are taken from the current default protection.

    When you specify a protection code for an entire disk volume, the
    access type E (execute) indicates create access.