From Tapestries MUCK
If an object, action, or room is CHOWN_OK it means that other people can take ownership of it. This is particularly useful in two cases. The first being when you have an object/room/action already made and want to let someone else take control over it for editing or some other reason. The second is when you are making one of those things for someone else (i.e. a less technical friend).
For security's sake, you may wish to set a @chlock before making an object CHOWN_OK.