To abolish is to get rid of or annul. So when the principal yells at you for the 100th time for not having your shirt tucked in, it's safe to wish they'd just abolish the silly dress code.
The word abolish might stir up some historical connotations, since in the U.S. it's commonly associated with bringing an end to slavery. In fact, those who opposed slavery were called "abolitionists." The word comes to us from the Latin word abolere, meaning "to destroy or cause to die out." These days abolish is used bring a final and official-sounding end to laws, codes, and unsavory practices.