The meeting was held at Derby County's Pride Park stadium and saw Profitability and Sustainability regulations put in place, which will bring the second-tier clubs in line with the Premier League.
It means that from the start of the 2016-17 campaign, clubs' finances will be monitored over a three-season timeframe, with losses of up to £15 million allowed during that period without clubs needing to define how they will be funded.
Clubs losing more than the specific amount will be subject to additional regulation, including evidence of "Secure Owner Funding and Future Financial Information" for the upcoming two seasons.
Those clubs who move between the divisions will be assessed based in the average allowance allowed in the relevant league with the existing FFP framework staying in place for the 2014-15 and 2015-16 seasons.
All existing sanctions from last season will remain in place with the maximum deviation under the regulations kept at £6m for this season before increasing in line with the maximum loss to £13m next term.
The EGM also saw a vote on the issue of artificial playing surfaces in League One and League Two, with clubs split on the issue.
Four clubs did not vote with the remaining 68 equally divided, leading Football League chief executive Shaun Harvey to call for further information on the issue.
"This vote is reflective of the fact that this issue divides opinion amongst clubs as much as it does across the football public," he said.
"While the outcome is different to previous indicative votes, it demonstrates that there is still a desire amongst clubs to find out more about artificial playing surfaces before taking such a significant step."
