You can assign privileges in a number of ways under OS X.
The question really is how to organize the privileges. Whoever creates the folder is the owner, the owner has unlimited read/write/execute privileges, unless otherwise inhibited by the system admin. There is also a group associated with every folder or file, most often it is the top-most group to which the owner belongs, but it can be changed or left open, below that is everybody else, for which you can block access entirely or give simple read only permissions. In the case of needing to set two groups with different permissions, the easiest thing to do is create a link. You can then block everyone access for both folders, set the group for the real folder to the one which gets read/write access, then set the group on the link to the one that gets read only access, leaving the owner the same for both.
To do this:
Log on as the admin user.
Open a Terminal session.
Type % <BLOCKQUOTE><font size="1"face="Geneva, Verdana, Arial">code:</font><HR><pre><font size=1 face=courier>sudo -s</font>[/code]
Enter the admin password
Navigate to the directory level which contains the folder.
Type # <BLOCKQUOTE><font size="1"face="Geneva, Verdana, Arial">code:</font><HR><pre><font size=1 face=courier>ls -l</font>[/code]
Review the current folder privileges (owner & group)
Type # <BLOCKQUOTE><font size="1"face="Geneva, Verdana, Arial">code:</font><HR><pre><font size=1 face=courier>ln -s ./name_of_folder/ ./name_of_link_folder/</font>[/code]
The -s attribute creates a symbolic link as opposed to a hard link.
Now type # <BLOCKQUOTE><font size="1"face="Geneva, Verdana, Arial">code:</font><HR><pre><font size=1 face=courier>chgrp -R -h name_of_read only_group ./name_of_link_folder</font>[/code]
Type # <BLOCKQUOTE><font size="1"face="Geneva, Verdana, Arial">code:</font><HR><pre><font size=1 face=courier>exit</font>[/code]
That should be it. Now you can use the Privileges tab from the command-I window to set the permissions.
Ciao!