Relinquish, as an office

• Withdraw from office
• Call it quits
• Resign, as a job
• Send down
• Fancy way to resign
• Resign one's position

The Collaborative International Dictionary Word definitions in The Collaborative International Dictionary
Demit \De*mit"\, v. i. [F. d['e]mettre to remove, se d['e]mettre to resign; d['e]- (L. dis-) + mettre to put, fr. L. mittere to send. Cf. Dismiss .] To lay down or relinquish an office, membership, authority, or the like; to resign, as from ...

Wiktionary Word definitions in Wiktionary
n. 1 The act of demitting. 2 A document certifying that a person has (honourably) demitted, as from a Masonic lodge. vb. 1 (context transitive English) To let fall; to depress; to yield. 2 To relinquish an office, membership, authority, etc.; to resign, ...

Douglas Harper's Etymology Dictionary Word definitions in Douglas Harper's Etymology Dictionary
1610s (figurative), 1640s (literal), from Latin demittere "to send down," from de- (see de- ) + mittere "to send" (see mission ).