The Collaborative International Dictionary of English v.0.48:

Induct \In*duct"\, v. t. [imp. & p. p. Inducted; p. pr. & vb.
   n. Inducting.] [L. inductus, p. p. of inducere. See
   Induce.]
   [1913 Webster]
   1. To bring in; to introduce; to usher in.
      [1913 Webster]

            The independent orator inducting himself without
            further ceremony into the pulpit.     --Sir W.
                                                  Scott.
      [1913 Webster]

   2. To introduce, as to a benefice or office; to put in actual
      possession of the temporal rights of an ecclesiastical
      living, or of any other office, with the customary forms
      and ceremonies.
      [1913 Webster]

            The prior, when inducted into that dignity, took an
            oath not to alienate any of their lands. --Bp.
                                                  Burnet.
      [1913 Webster]

WordNet (r) 3.0 (2006):

induct
    v 1: place ceremoniously or formally in an office or position;
         "there was a ceremony to induct the president of the
         Academy" [syn: induct, invest, seat]
    2: accept people into an exclusive society or group, usually
       with some rite; "African men are initiated when they reach
       puberty" [syn: initiate, induct]
    3: admit as a member; "We were inducted into the honor society"
    4: produce electric current by electrostatic or magnetic
       processes [syn: induce, induct]
    5: introduce or initiate; "The young geisha was inducted into
       the ways of her profession"