As far as pledging goes, I know that Chi Omega at my school had to wait until spring to initiate because they had to wait for fall grades to make sure that they got the right grades. If they didn't get them, they either quit or pledged again. I don't think they were considered "pledges" again, but it was something like that. ADPi also had a pledge period that wasn't exactly set -- it lasted as long as it took the new members to pass tests. I don't know if at a certain point things would have been overlooked or if everyone just pulled it together at some point or what to make it happen or what.
Maybe they just didn't focus on Initiation. Maybe it was a plot hole? Or maybe it really will just come in the spring? Can't forget the 1st season's not over and they probably won't do things totally traditional, so that they can extend the show and keep the main characters around longer. No idea!