However, with in the age of Facebook and Myspace, it might be a good thing.  It's not necessarily enforceable, particularly for alums, but I could see the webmaster position encompassing Facebook monitoring for example.    It's often done for recruitment anyway.  More anonymous sites are different, but I don't think it would be wrong for HQs to establish codes of online behavior. 
I would assume it wouldn't be patronizing.  It could be something along the lines of, "when representing your sorority" don't act like a jackass. Hmm.. not sure if it would work or not, but it's something that should be thought over at the very least.
/I'd call it the wave of the future, but that's just silly 
