The Scottish Premier League has received an application from Charles Green to consider a transfer of Rangers' member share to his new company.
A notice period of 14 days is required before the 12 member clubs can convene to vote on whether to approve the proposal, with an 8-4 majority needed.
The owner of Rangers' share, which is currently administrators Duff and Phelps, is eligible to cast a vote.
SPL secretary Iain Blair said in a statement: "Following the failure of Rangers FC to exit administration via a CVA, we have received an application to register the transfer of their SPL share to a newco.
"Should it be rejected, then another club may be invited to join the SPL for season 2012/13."
If the vote does not go in the newco's favour, Green will be forced to consider an application to join the Scottish Football League, going up against other interested clubs for a vacant spot in the Third Division.
The new company's participation in any league is also dependent on them either being given permission by the Scottish FA to have Rangers' membership of the governing body transferred to them, or a new one being created.
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