A FANS shareholder group director has quit while a row has blown up over its proposals to provide a £500,000 interest free loan to Rangers.
Rangers has stated it is not considering further loans at this time "beyond what has already been committed and announced".
Brian Bowman, a founder member of Rangers First, the eighth biggest shareholder group at the club, has written an open letter condemning the proposal and calling for a full public meeting to discuss the plan.
It has been confirmed that William McIntyre, a fan for around 50 years, resigned as a director of Rangers First on Wednesday. It is not yet clear what the reasons were for the decision by Mr McIntyre.
Brian Bowman
Mr Bowman, a Rangers shareholder, concerned at the resignation, has also called for Rangers First advisor James Blair to stand down claiming there is a "clear conflict of interest" between his role with the Rangers First and his role as Rangers secretary.
Rangers First have begun polling members over the potential loan.
Rangers has said: "It should... be understood that Rangers First was not approached by the club for funding and, despite what has been incorrectly reported, had no discussion whatsoever with the chairman, Dave King, that their funding, if accepted, would be matched by Mr King."
Mr Blair, who is a director of Rangers First, and has been acting as a legal adviser, said in response: "He objects to 13,000 members having the right to make a decision rather than it just being him? Baffling, but that is Brian."
The fan ownership scheme, which has become one of the largest shareholders in Rangers International Football Club plc in recent months has offered the money on the same terms as loans provided by chairman Dave King and the Three Bears consortium.
If approved, the loan could be converted to shares at a future date which some say will strengthen Rangers First's hand and give supporters a greater say in the running of their club.
RF members have until January 10 to cast their vote and the resolution requires 75% approval to be passed.
Mr McIntyre, was appointed as one of the first five directors to be elected to the community interest company said.
He told members in seeking a directorship: "If elected I will carry out the will of the members of Rangers First, never forgetting the trust they place in us and the responsibility that goes with that trust."
Mr Bowman told Mr Blair: "I am requesting that Rangers First put on HOLD with immediate effect the offer to loan Rangers International Football Club £500,000.This is nothing to do with not wishing to assisting the club I love.
"This request is 100% to question and challenge the diligence,lack of process and lack of detail and transparency given to the hard working Rangers supporters that put the money in the Rangers First account expecting it to be used to buy shares.
"I want to point out to you that as a member of Rangers First I request a full open meeting to discuss implications of this loan in full and it is paramount that all Rangers First members be allowed to ask as many questions relating to this loan in as much detail as required to allow ALL to make a clear informed decision on what is best for Rangers First.
He said Rangers First had an upcoming annual general meeting at the end of January or early February 2016, which would be the ideal moment to discuss the loan proposal.
"I have had discussions with Rangers First Board members James you being one of them and it is clear there is discord regarding Rangers First and its direction," Mr Bowman alleged.
Rangers directors John Gilligan, Paul Murray and company secretary James Blair during a general meeting
"One Rangers First Board member has resigned and others have agreed that it might be the correct decision to suspend the vote on giving this loan until the internal politics of Rangers First is discussed and a harmonious board invite our member to a meeting to discuss all the detail of this UNSECURED LOAN.
"I want to put it on record that I am appalled that you think putting this vote on a website with only four days till it closes and with no real detail or discussion showing a total lack of respect to our members. This is a HUGE DECISION and must not be rushed through.
"All our members must be informed immediately that a director has resigned as a matter of principal regarding the lack of diligence and transparency and other directors are not comfortable with the workings of Rangers First or your position at Rangers First.
"This leads me to another request that you James Blair must resign from Rangers First with immediate effect as there is a clear conflict of interest in your role as Rangers First Secretary and also the Secretary of Rangers international.
"Rangers First must always be 100% INDEPENDENT and have no Board Member with a split loyalty. This is a serious request and I am asking for a meeting to be arranged as a matter of urgency to discuss this matter."
To be approved, this proposal will require no less than 75% of votes cast to be in favour, according to Rangers First. Closing date for voting is Sunday.
Rangers First told its members when announcing the loan plan and the vote: "Your board has had much discussion and debate regarding this and believes that this may be one of the best ways for Rangers First to help the club continue to rebuild, develop and expand.
"This is a key issue on which RF asks its members to decide, we are therefore asking members to approve... making a loan of half a million pounds to Rangers International Football Club PLC.
Rangers First were approached for comment.
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