Investiture (noun)

1. The act or ceremony of investing someone with a rank, office, or title, especially a monarch or bishop.
2. The act or ceremony of conferring an academic degree or diploma, especially a doctoral degree.
3. The act of investing or the state of being invested with a right, authority, or responsibility.

Origin:

Middle english, from old french, from late latin investitura, from latin investire to clothe, from in- + vestire to clothe.

Examples:

1. The investiture of the new monarch was marked by a grand procession and a formal ceremony.
2. The investiture of the new bishop was conducted by the archbishop and involved the handing over of the crozier and the ring.
3. The investiture of the new PhDs took place in a special ceremony in the university hall.
4. The investiture of the new ambassadors was attended by dignitaries from all over the world.
5. The investiture of the new president was marked by a transfer of power and a change of guard.