- Loops through all web applications
- Loops through their site collections
- Loops through their webs
- Loops through their lists
- If versioning’s enabled, it sets the major version limit to 2
- In order to remove old versions, it needs to loop through each item and perform a system update
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The script can be easily amended to deal with only specific site collections / libraries. To keep a different number of versions, modify the MajorVersionLimit variable above.