East Stirlingshire will play in the same league as Rangers for the first time in 50 years.
The Glasgow giants have been admitted to Division Three following a meeting on Friday of the 30 clubs that make up the Scottish Football League.
The Scottish Football Association and Scottish Premier League had offered a reorganisation of the wider league structure if Rangers were placed in Division One.
But a majority of SFL clubs said they should start in the bottom tier.
Stenhousemuir were alone in publicly expressing a desire to see Rangers admitted to Division One.
East Stirlingshire last competed in the same league as the Gers in 1963/64, when they finished bottom of the old First Division.
The Ochilview-based club could now benefit from a significant cash windfall along with other clubs in the division thanks to increased attendances.
The vote to place Rangers in Division Three is likely to be challenged in the coming days, after SFA bosses previously stated they would not accept such an outcome.