This command allows you to change settings for a room. You need to be identified with the room's password to change any of these settings. To identify use the command /msg chanserv identify <room> <password>

AUTOVOP - Give everyone VOP status on join if they do not already have a higher access level.
DESC - Change the description for a room.
EMAIL - Set an email for the room.
FOUNDER - Change the room's founder.
IDENT - Require ops to identify for their nicks before being opped/voiced by services.
KEEPTOPIC - Have services remember the topic when the room empties and reset it when someone next joins.
LEAVEOPS - Stop services from deopping people.
MEMOLEVEL - Set who may send a room memo (Enterprise Edition only).
MLOCK - Lock which modes can be set in the room.
OPGUARD - Allow only AOPs and higher to be opped.
PASSWD - Change the room's password.
RESTRICT - Allow only UOPs and higher to remain in the room.
TOPICLOCK - Restrict who may change the topic.
URL - Set or change the room's URL.

For more information on a setting:
/msg chanserv help <setting>

Example:
/msg chanserv help