I am reading the sharepoint limits inside this link @ sharepoint-online-limits, where it says the following:-
Versions
50,000 major versions and 511 minor versions.
So what will happen if the major or minor versions exceed the limits ? will sharepoint automatically delete older versions and create new major or minor version or it will raise an error ? so for example let say a document has 50,000 major version and i edit the document >> then will i get an error or sharepoint will remove version number 1 and create a new version?
second question inside the document library we have the following versioning settings for the number of major versions:-

so what will happen if the document library exceed the 500 major version? will SharePoint delete the older version and create a new one, or we can not have more than 500 major versions in the above picture?