The Ibrox club was facing a police investigation after shareholder Billy Paterson reported the club for a second time. He is unhappy they had refused to provide contract details for former chief executive Charles Green and former commercial director Imran Ahmad.
But Police Scotland have said they are taking no further action in response to Mr Paterson's complaint, saying "no criminality was established".
Rangers legal advisers had insisted the application was time-barred, in that they needed only to show service contracts for the previous 12 months.
Mr Paterson, 49, of Fraserburgh, insisted that Mr Green and Mr Ahmad were still officially recognised as directors of the parent company and the subsidiary football board until the end of last May.
He said: "Notices filed to Companies House by Rangers show Ahmad stepped down on May 29 and Green on May 31.
"Rangers even released a statement last April stating Green was stepping down as chief executive with immediate effect but that he would leave the company by the end of May."
He said the failure to acknowledge they were both still directors within the last 12 months and refusal to provide what he felt was his "legal right" left him with no option but to contact the police.
Rangers would not comment on the development, but a club spokesman said recently that both of the "service contracts" were ended in April 2013, and were "outside the one-year inspection period stipulated by the legislation."