Sena President Uddhav Thackeray and his son Aaditya would remain as lifetime trustees, while Sena leader Subhash Desai and architect Shashi Prabhu have been nominated as members on the Trust.
The high-powered committee set up by the state government chaired by Chief Secretary Swadhween Kshatriya has already approved the location of Mayor Bungalow and an adjacent plot of Park Club for the memorial.
Also, the Brihanmumbai Municipal Corporation (BMC) has already issued a notice to the club to vacate the plot.
He said Thackeray has informed the names of trustees from his party to the chief minister.
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"The state government will now register the Trust with Charity Commissioner," he said.
According to a government bureaucrat, other members of the Trust would be the chief minister, chief secretary, Commissioner of Municipal Corporation of Greater Mumbai and Principal Secretary, Urban development department and revenue department.