Rangers interim chairman Paul Murray has been passed as "fit and proper" by the Scottish Football Association (SFA).
Murray had to argue his case because he was a director of Rangers not long before the club went into administration and liquidation in 2012.
The banker had opposed the takeover of Craig Whyte in May 2011 and was swiftly removed from the board.
The SFA has not given any information on a similar application from shareholder Dave King, who aims to be appointed chairman if he is passed.
Glasgow-born businessman King remained a director during the short-lived Whyte era and has 41 convictions for tax offences in South Africa, where he lives. He has now settled his dispute with the South African Revenue Service.
The SFA revealed its professional game board had considered Murray's fit-and-proper status on Thursday.
A statement read: "Specifically, Mr Murray was invited to provide information in relation to his involvement as 'a director of a club in membership of any national association within the five-year period preceding such club having undergone an insolvency event'.
"The PGB examined Mr Murray's involvement as a director of Rangers FC in the five years preceding the insolvency event experienced in 2012.
"Particular focus was given to Mr Murray's role and function as director, any financial benefit or otherwise from the insolvency event, steps taken to avoid the insolvency event, co-operation throughout the insolvency event and intentions as a director to avoid a repetition of the mistakes of the past.
"Having considered the documentation provided, and taking into account Mr Murray's detailed personal submission before it, the PGB is satisfied that Mr Murray is fit and proper in terms of article 10.2."
Rangers -- who insist their de-listing from the stock exchange will not hamper their rebuilding plans -- confirmed the process was continuing in relation to King.
A club statement added: "The authorities should be given space to deal with this matter and so there will be no further comment until a decision has been made."
Murray welcomed his approval from the SFA, saying: "I am delighted the matter has now been positively resolved and I can fully focus on the job of helping rebuild Rangers Football Club.
"It is another step forward for Rangers and I thank the Scottish FA and the professional game board for their understanding during the process.
"It is an honour and privilege to be a director of this institution and it is a responsibility I take seriously.
"Today's announcement confirms what I always believed, that I am fit and proper to play an active role on the Rangers board and will work tirelessly to take the club back to the top of Scottish football and beyond."