This command will transfer foundership of a room to another user. You do not need to identify with the password to do so. Services will set the password to a randomly generated string, and the recipient will receive a memo with it.
Example:
/msg chanserv ftransfer #spiderslair Web
This is a very easy way to transfer ownership of a room. The recipient does not need to identify or set founder, as soon as the command is given, services makes that person the new founder.