Leyton Orient has called for clubs such as Portsmouth and Crystal Palace who have gone into administration of late, to be relegated two divisions but it was rejected by fellow clubs.
The FL Board, who have re-named the "Fit And Proper Person Test" to the "Directors Test" have been mandated to look at whether penalties for clubs that go into administration need to be strengthened.
The AGM also saw a transfer embargo being emposed on clubs who fail to provide the Football League with their accounts at the same time they are required by Companies House.
It was also agreed that a club's first team squad is to be restricted to 25 players over the age of 21, ten of which must have been registered in domestic football for three seasons before their 21st birthday. Clubs can have as many players as they want aged under 21.