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What is a chancellorship?

What is a chancellorship? Here are some definitions.

Noun
  1. The status of being a chancellor.
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In May 1532, Sir Thomas More resigned the chancellorship and, in June, Fisher preached publicly against the divorce.
Other possible allies include the Netherlands, and possibly Germany, if the centre-right Angela Merkel wins the chancellorship in a general election this autumn.
My dissatisfaction with the chancellorship of George Osborne has not diminished with time, but even I should find it a little extreme to suggest that he fall on his sword.
Prior to his chancellorship, he worked at the school for 10 years as dean, a job his professional and academic credentials helped him snag.
After three postwar decades when cheap oil was taken for granted, the oil-importing nations were hit for six by the 1973-74 oil shock, and Healey's chancellorship was beleaguered by a quintupling of the price of oil.
Despite the criticisms voiced here and elsewhere, there is little doubt that his chancellorship so far has on balance been remarkably successful.

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