Used to change the founder of a room to the nick of the person sending the command. The new founder must be using a registered nick. You must identify with the room's password before trying to set the founder.
Example:
/msg chanserv set #conferenceroom founder
If you change the nickname that you use, you should set all of your rooms to the new nick, because the room will drop if the founder's nick expires. The set founder command can also be used if you no longer want the room and wish to give it to someone else. Just give the person the password and he/she can identify and set founder it.