Scottish Football League president Brown McMaster could face sanctions if he is found to have held an interest in more than one club, a direct breach of the SFL constitution.
Livingston chairman Gordon McDougall has submitted evidence to the Scottish Football Association and has demanded McMaster and SFL chief executive David Longmuir both resign.
McDougall claims to be in possession of documents which show McMaster transferred one million Thistle shares to his family while on the Stenhousemuir board.
The SFA confirmed on Friday it will discuss the circumstances regarding McMaster's controversial transfer of shares in Partick Thistle at their regular board meeting on Thursday.
In July last year, McMaster resigned from the Partick board and became a director at Stenhousemuir, a move which allowed him to continue in his role as league president.
The SFA said it has received documents showing shares have now been transferred away from McMaster's family.
McDougall, who claims Longmuir has failed to satisfactorily address his concerns about McMaster's shareholdings, said the resignnation of both men is "the only honourable thing to do".
"I feel I'm getting nowhere with the league,'' he said, revealing his fears the issue could be swept under the carpet. "I asked Mr Longmuir if any other fan had written to him regarding the shareholding in Partick Thistle of Brown McMaster. He's never replied to that. There are bound to be other people who have made complaints.''
McDougall admits he has an axe to grind with the SFL after their management committee demoted Livingston from the First Division to the Third Division last month for breaching the league's insolvency rules. "It wouldn't be truthful of me to say anything else,'' he said. "Of course there are elements of sour grapes.''
McMaster is refusing to comment on the matter before the SFA meeting next week.