Members of Irish Nationwide have endorsed resolutions which allow the Government invest between €1.2 and €2bn of State money into the building society.
At a meeting in Dublin, members were highly critical of the management of the organisation which will see 80% of its loans transferred to the National Asset Management Agency.
The endorsement was expected, due to huge losses following the organisation's disastrous commercial property lending.
One member Mark FitzPatrick said he could not see how the State would ever get back its investment.
Another member Brendan Burgess called on the board to consider winding up the society.
Chairman Danny Kitchen said merger talks were under way with EBS but there had been little progress so far.
Mr Kitchen said former chief executive Michael Fingleton had not repaid his €1m bonus. He added he continued to hope Mr Fingleton would fulfil the obligation he made to repay it.
Meanwhile, EBS chief executive Fergus Murphy has told the society's members that its future would be seriously threatened if it does not receive capital.
He was speaking at a special meeting called to vote on measures which will allow the State to inject fresh funds into the organisation.
Mr Murphy said that although EBS's position in relation to NAMA and land development was proportionately smaller than that of other financial institutions, fresh capital was still needed.
He said the first of its land and development loans will go to NAMA on 12 February.
He said that if the resolutions at today's meeting were not approved, it is likely that EBS would have to be fully nationalised.
Mr Murphy also said discussions with Irish Nationwide about a stronger mutual financial institution were at a 'very early stage' and would not start in earnest until the New Year. EBS has 450,000 members.
The measures being voted on today will confer significant rights on the Finance Minister in recognition of the capital investment being made, including majority voting rights.
Before voting, members expressed concern that this would give 'unreasonable and disproportionate' power to the Minister.
EBS chairman Philip Williamson said the building society had not yet agreed the precise terms and conditions attached to those shares.
He said the board would do its best to see that the members are represented on the board.
Members also expressed concern about any future link with Irish Nationwide, saying that EBS's high standards should be maintained if there is a merger.
The Irish Bank Officials' Association says staff in the building societies should be treated fairly.
IBOA General Secretary Larry Broderick says it is important the customers and staff of Irish Nationwide do not suffer as a result of the excesses and reckless decision-making of the previous leadership of the Society.
