The Collaborative International Dictionary of English v.0.48:

Consist \Con*sist"\ (k[o^]n*s[i^]st"), v. i. [imp. & p. p.
   Consisted; p. pr. & vb. n. Consisting.] [L. consistere to
   stand still or firm; con- + sistere to stand, cause to stand,
   stare to stand: cf. F. consister. See Stand.]
   1. To stand firm; to be in a fixed or permanent state, as a
      body composed of parts in union or connection; to hold
      together; to be; to exist; to subsist; to be supported and
      maintained.
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            He is before all things, and by him all things
            consist.                              --Col. i. 17.
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   2. To be composed or made up; -- followed by of.
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            The land would consist of plains and valleys. --T.
                                                  Burnet.
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   3. To have as its substance or character, or as its
      foundation; to be; -- followed by in.
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            If their purgation did consist in words. --Shak.
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            A man's life consisteth not in the abundance of the
            things which he possesseth.           --Luke xii.
                                                  15.
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   4. To be consistent or harmonious; to be in accordance; --
      formerly used absolutely, now followed by with.
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            This was a consisting story.          --Bp. Burnet.
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            Health consists with temperance alone. --Pope.
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            For orders and degrees
            Jar not with liberty, but well consist. --Milton.
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   5. To insist; -- followed by on. [Obs.] --Shak.

   Syn: To Consist, Consist of, Consist in.

   Usage: The verb consist is employed chiefly for two purposes,
          which are marked and distinguished by the prepositions
          used. When we wish to indicate the parts which unite
          to compose a thing, we use of; as when we say,
          "Macaulay's Miscellanies consist chiefly of articles
          which were first published in the Edinburgh Review."
          When we wish to indicate the true nature of a thing,
          or that on which it depends, we use in; as, "There are
          some artists whose skill consists in a certain manner
          which they have affected." "Our safety consists in a
          strict adherence to duty."
          [1913 Webster] Consistence