The Collaborative International Dictionary of English v.0.48:

Rescind \Re*scind"\ (r?-s?nd"), v. t. [imp. & p. p. Rescinded;
   p. pr. & vb. n. Rescinding.] [L. rescindere, rescissum;
   pref re- re- + scindere to cut, split: cf. F. rescinder. See
   Shism.]
   1. To cut off; to abrogate; to annul.
      [1913 Webster]

            The blessed Jesus . . . did sacramentally rescind
            the impure relics of Adam and the contraction of
            evil customs.                         --Jer. Taylor.
      [1913 Webster]

   2. Specifically, to vacate or make void, as an act, by the
      enacting authority or by superior authority; to repeal;
      as, to rescind a law, a resolution, or a vote; to rescind
      a decree or a judgment.
      [1913 Webster]

   Syn: To revoke; repeal; abrogate; annul; recall; reverse;
        vacate; void.
        [1913 Webster]

WordNet (r) 3.0 (2006):

rescind
    v 1: cancel officially; "He revoked the ban on smoking"; "lift
         an embargo"; "vacate a death sentence" [syn: revoke,
         annul, lift, countermand, reverse, repeal,
         overturn, rescind, vacate]