The Collaborative International Dictionary of English v.0.48:
Chancellorship \Chan"cel*lor*ship\ (ch[.a]n"s[e^]l*l[~e]r*sh[i^]p), n. The office of a chancellor; the time during which one is chancellor. [1913 Webster]WordNet (r) 3.0 (2006):
chancellorship n 1: the office of chancellor