There are two roles in the Projects application:
Here is the comparison of permissions for each role:
The owner of Project or Area can pass his/her ownership to another person. This can be done by selecting the following menu item.
Any Project or Area can have only one owner at a time. It is not possible to pass ownership to a mailing group.
Please note, that after ownership is passed, previous owner will not be considered as owner any more. This operation cannot be undone by previous owner, and the only way to get ownership back is to make a new owner to pass it back.