If the channel is part of a defined zone then this password will give the user access to the entire zone that the channel is at root of. As an example if you have a zone define for #alt.* then you can define a bot for the root channel and set the admin password for the channel. Then when identifying to the channel you can then get administrative access to all the channels in that zone. If the defined channel is not part of a zone then the password will give you access to the same functions that the password does.
/as chan #conferenceroom set adminpass MyPassword
For more information about zones please see the following file: Zones and Virtual Hosting