DLL, GAC and version

If I add an assembly/DLL to the GAC, and now I have a new version of my DLL and I install it to the GAC, does the GAC maintain all versions?  or if my DLL is called "MyDLL", then there can only be one "MyDLL" in the GAC and any app that uses "MyDLL" will get the version in the GAC?
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Assemblies in the GAC are referenced by strong name and version. So if you update your strongly named assembly in the GAC with a new version, when you register it in your application you'll need to inidicate which version to use. The GAC will hold all installed versions. It won't simply update the assembly to the latest version across the board.

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