In August, the future looked bleak for the organisation which has a local history collection numbering more than 2,000 items.
As previously reported, a number of items in the collection were purchased from the Brian Ayre collection, while others have been gifted to the Society.
There was a fear the collection would be split up and lost to the town if the Society folded.
Those fears, however, were put to rest last week, when the Society held its AGM and members voted to continue.
A spokesman for the society said: “Trustees have been appointed and so the Society will continue.
“However, the focus will be different, in that there will not be monthly meetings.
“Instead the focus will be on bringing the collection into the community more.
“We will though, look at holding occasional special events and exhibitions.”
Market Rasen Mayor, Coun Stephen Bunney, through his role on the town council and district council, has pledged support to the group.
In a message sent to last week’s meeting, he said: “The Town Council really wants to be behind the Society and is keen to support.
“Having spoken with Ian Knowles, Chief executive of West Lindsey, he is very sure one of the roles of the authority is to feed into this sort of voluntary organisation and it is a priority to keep these groups going.”
The situation was further complicated as their base at Market Rasen Old Police Station, which had been granted by occupiers Rasen Hub, was uncertain, as the Hub ceases to be at the end of the month.
Coun Bunney has assured the Society they can retain the base for the time being, adding “The Heritage Society will be part of the process of what happens to the Old Police Station.”
Heritage for the whole of Market Rasen as been highlighted recently with the release of £200,000 for building improvements within a designated area.
This was the residue of the Mary Portas project money, and it is hoped it will be the start of more investment in the town.
The spokesman for Rase Heritage Society said: “Going forward, we hope to be part of the conversation on how heritage tourism can be a focus for the town.
“Meanwhile, we welcome any new members who would like to help support heritage in any way.
“The annual subscription is £5 and more information can be found on the website: www.raseheritage.org.uk/