It was feared Smith could be forced to sell his best players to service the club’s debts of £31million.
Johnston said at the club’s AGM at Ibrox on Monday: “As far as the bulk of the Rangers support is concerned, the relevant news is that the plan does not oblige us to sell any players in the January window.
“If any players do depart, it will be at the volition of the Rangers executive and management team.
“If the Rangers management team believes that we can beneficially trade players in January, we will have the freedom to do so provided we meet the constraints of the plan that we have agreed to adopt.
“The bank has agreed that the club’s only obligation is to operate within a credit facility that reduces by £1million per year.”
He added: “It has been a difficult time for the club in the last few months and there wasn’t the time to sit down with players’ representatives and have properly-informed discussions.
“However, I am now in the position to negotiate and discuss players’ contracts.
“Over the last fortnight, I have spoken to virtually all the representatives of players who are coming out of contract and I have been made aware of their intentions and those discussions have progressed.
“In particular with Kris Boyd, I spoke to his representative and I am aware of what Kris sees as acceptable as a contract.
“I have digested that and I’m in the process of continuing with discussions, but it has only happened recently.”
