The board also introduced the first formal pitch monitoring process for international cricket.
Introduced last year in a bid to liven up limited overs internationals, the supersub rule allowed for a player to take over the batting or bowling duties of a team-mate during the course of a game.
Normally, a substitute is restricted to fielding alone and then only in place of an injured colleague.
But it did not prove a popular move, with many arguing it gave an unfair advantage to the side that had already had the luck of winning the toss.
As for pitches, groundsmen around the world have often been accused of preparing wickets to suit the home side.
Although sanctions for poor surfaces exist in most domestic competitions, none currently apply at international level.
But the new process, which has been adopted with immediate effect, includes potential sanctions ranging from a formal warning to a fine or even suspension of international status for venues that produce sub-standard pitches.
The process will be initiated by the match referee to be followed by a review by senior ICC officials. National boards will be allowed the right of appeal.
Meanwhile the 'powerplay' system, where the fielding side could use two additional five-over blocks of fielding restrictions following the mandatory 10 overs at the start of a one-day international innings, is to be referred to the ICC cricket committee for further consideration.
The board also announced the creation of what it said was a drugs policy "compliant" with that of the World Anti-Doping Agency, although this has to be adopted by the ICC's annual conference in July before it can take effect.
Also discussed were the continuing problems within Zimbabwe cricket, beset by allegations of racist selection policies and failure to pay players.
But any decision on whether Zimbabwe can resume playing Test matches will not happen until 2007 at the earliest after Zimbabwe Cricket was told it would have to provide a report to the ICC board at its October 2006 and March 2007 meetings reviewing the on-field performances of its teams.
African minnows Kenya were also deemed to have gained a one-day international ranking after the qualifying period was now eight matches.
Kenya is currently ranked 11th on the table and needs to win both its remaining matches of its four-match series against Bangladesh to claim the tenth and last spot for this year's ICC Champions Trophy.
The board also said it had agreed to revert to full recognition of the United States Cricket Association, on certain conditions.
USACA has been at loggerheads with the ICC since a split last year challenged the existing association's right to administer the game.
However, the only condition specified in the ICC statement was that independently-monitored elections must take place before November 30.