Woolstore owner Carol Scott, with 153 votes, and Papakaio businessman Ian Hurst, with 132, were announced as the new trustees at the trust's annual meeting on Wednesday night.
Unsuccessful candidates were Harry Andrew, Hec Ramsay and Jenny Lynch-Blosse, who was standing for re-election.
The other trustee, who did not seek re-election, was Michael O'Brien.
The trust board is made up of trustees elected by members, and appointees by the Waitaki District Council and North Otago branch of the Historic Places Trust.
There were about 80 people at the annual meeting, which heard trust chairman Phil Hope outline plans for the future in his annual report.
Mr Hope emphasised the importance of the historic Harbour-Tyne Sts precinct, which the trust administers, to the future of Oamaru.
However, Mr Hope said it was becoming increasingly obvious the trust could not continue to function as it had so far, if it was to get anywhere near achieving its goals.
It operated on "a very modest income" but, until the precinct was vibrant and a must-see attraction, that income would not improve significantly.
Public fund-ing in the form of grants was almost always for specific projects, leaving the trust to meet over-heads, repairs, maintenance and administration costs.
"As a consequence, the trust is hard-pressed to provide or enable activities within the precinct which will attract visitors to Oamaru and, once here, to stay for more than a few hours or a quick visit to see the blue penguins," he said.
The trust was keen to set up new funding initiatives, including more grant applications, sponsorship arrangements and fundraising activities.
It was also pursuing other initiatives, including an "activity day" on the second Sunday of every month and appointing volunteers to operate as "concierges".
"Our plan is to generate more visitor traffic to the precinct and, while there, to make sure visitors are aware of what is on offer," he said.
Former board member Bruce McCulloch was elected a life member of the trust at the meeting.
