Click here to view the Extraordinary General Meeting video

It ends the club’s operation under a complex shareholder arrangement introduced two decades ago to avoid its financial ruin.

Late last year, North committed to its future in Melbourne – knocking back an offer from the AFL to relocate to the Gold Coast.

However, in supporting its decision and ensuring continued financial assistance, the League demanded North move away from its private ownership.

That stance was reiterated in numerous discussions between chairman James Brayshaw and AFL boss Andrew Demetriou.

In his welcome address, Brayshaw said that, without constraints, the “short and medium-term future of this great club is secure”.

“I think this is a seminal day in the North Melbourne Football Club’s history,” he added after announcing the new structure.

“It was absolutely necessary that we returned the club to the members [in] 2008 and ‘9 and ‘10 and hopefully 2028 and 2048. The best possible way forward, structurally, for this footy club was to be owned by the members and run by the members, the same as the other eight clubs in Melbourne.”

The evening’s five items were comfortably passed in favour of the change, with each celebrated by the 350 members in attendance.

Also passed was a moratorium clearing the way for Brayshaw and his board to continue unopposed until 2010.

Brayshaw and chief executive Eugene Arocca paid tribute to the outgoing shareholders, particularly the 16 main backers that became patrons of the club in relinquishing their shares.

Six of those patrons, Peter de Rauch, John Magowan, Dennis Morgan, Peter Johnstone, Kerry Good and Andrew Carter, will also be awarded life membership.

“We understand that they had a view that they were the guardians of the security of the club, and they have been,” Brayshaw said of the shareholders.

“Back in the late eighties they put money into the club that made sure we’re here and talking today. Their contribution’s been massive.

“Their recent behaviour in the last six or seven months has been unbelievable. They’ve been incredibly generous … and we couldn’t have got to this point without their co-operation.”

After posting a record membership figure in 2008 – more than 34,000 – Brayshaw said the club would target 40,000 next year.

He also confirmed a substantial profit and that the redevelopment of the Arden Street facilities would begin in early 2009.