Nut's joint presence as principal (8)

I believe the answer is:

headship

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'presence as principal' is the definition.
I can't tell whether this definition defines the answer.

'nut's joint' is the wordplay.
'nut's' becomes 'head's' (I've seen this in other clues).
'joint' becomes 'hip' (hip is a kind of joint).
'heads'+'hip'='HEADSHIP'

Can you help me to learn more?

(Other definitions for headship that I've seen before include "Top job in school" , "Rugby position filled by Arnold" , "leading position" , "some teachers aspire to?" , "position of principal" .)

I've seen this clue in the Sydney Morning Herald.

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