Gallaway and arguably New Zealand's greatest player, Sir Richard Hadlee, were both accorded the honour at the organisation's annual meeting in Wellington.
It is another recognition of the service Gallaway has given to the game.
His most well-known contribution was as a commentator, where his voice graced the airwaves for 40 years until his retirement in 1992.
Gallaway, a wicketkeeper, played three first-class games for Otago in the 1940s, and spent 25 seasons with the Carisbrook club.
He is a life member and former chairman of the Otago Cricket Association, and is a former president of New Zealand Cricket.
Former international cricketer Rob Hart was elected to the NZC board and president Denis Currie was reappointed for a second one-year term at the meeting.
Hart was nominated for the board by the Northern Districts Cricket Association and he replaces Alan Isaac.
Isaac and former New Zealand and Otago spinner Stephen Boock were scheduled to retire by rotation this year. Isaac resigned his position in August, when he was appointed ICC vice-president, while Boock was successfully re-elected.
Hart played 11 tests and two one-day internationals for New Zealand between 2002 and 2004, and carved out a reputation as a tenacious wicketkeeper-batsman during his 110 first-class matches and 136 one-day matches for Northern Districts.
Hart has a background in law and corporate affairs and is a partner at Tompkins Wake law firm.
