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The Chancellor was secretly entrusted with holding the Great Key or Key of Rassilon. (TV: The Invasion of Time) It appears that the Chancellor had authority over the Castellan and therefore the Chancellery Guard. The Chancellor also appears to have had overall control of the Time Lord Academy. (AUDIO: Insurgency)
The appointment of the Chancellor was in the hands of the President. (AUDIO: Pandora) However, during the sede vacante of the Fourth Doctor as a President elect, not yet invested, the High Council ratified the appointment of Borusa as Chancellor. (TV: The Invasion of Time) In another occurrence, President Romana allowed the Council to appoint Valyes acting Chancellor after Braxiatel was removed from office. (AUDIO: Insurgency)
Other information Edit
By the time of the run-up to the Second War in Heaven, there appeared to be four Chancellors: the Chancellor of Time Past, the Chancellor of Time Present, the Chancellor of Time Parallel and the Chancellor of Time Future. (PROSE: The Ancestor Cell)
Known holders of the office of Chancellor Edit
Known holders of this office included Slann, (PROSE: Birth of a Renegade) a male chancellor, (TV: The Three Doctors) Delox, (PROSE: Divided Loyalties) Goth, (TV: The Deadly Assassin) Borusa, (TV: The Invasion of Time) Thalia, (TV: Arc of Infinity) Flavia, (TV: The Five Doctors) Theora, (PROSE: Lungbarrow) Braxiatel, (AUDIO: Pandora) Valyes, (AUDIO: Insurgency, Fractures) the Chancellor, (TV: The End of Time) and, on an alternate Gallifrey, Narvin. (AUDIO: Forever)