A brief version of the example from "The AIX Survival Guide" by Andreas Siegert, pub. Addison-Wesley might clear this up:
Add a script to /etc/security, myscript
-----------------
#!/usr/bin/ksh
trap "" 1 3 4 6 8 13 15 17 21 22 30 31
PATH=/usr/bin
MAX=2
NUM_LOGS=`who|egrep "^$1"|wc -l`
test "$NUM_LOGS" -lt "$MAX" && exit 0
exit 1
---------------------
now add the following to /etc/security/login.cfg
MAXRULE:
program = /etc/security/myscript
then edit /etc/security/user
for each user that you want to apply this rule(or default):
username:
auth1 = SYSTEM,MAXRULE
HTH
-Bowie