The Hubbard Support Fund would provide financial support for the couple, their charities and those reliant on their investments with Mr Hubbard who were now suffering hardship because their investments had been frozen by statutory managers.
Statutory management had meant all of the Hubbard's finances, including their assets, bank accounts and credit cards had been frozen.
The statutory manager provides them with a weekly allowance to cover their day-to-day expenses.
Mr Hubbard claimed at the weekend that his wife was unable to buy groceries worth $23 when he was first put into statutory management.
Mr Hubbard, believed to be worth half a billion dollars and the South Island's richest man told TV3: "The groceries came to $23 and my wife only had $20 so she took three items totalling $3 out of her supermarket basket and put them back on the shelf".
Last month, the Government took the rare step of appointing statutory managers to Aorangi Securities, seven charitable trusts and business interests of Mr and Mrs Hubbard.
The couple have engaged law firm Russell McVeagh to challenge the move.
Mr Hubbard said it was disgusting and humiliating to be kicked out of his office, have his mail opened and incoming cheques seized.
He has called for a royal commission of inquiry into the way he and his wife have been treated.
Mr Tulloch will be joined on the trust fund board by John Funnell, of Taupo, and David Williams of Fairlie.
Together, the directors will be responsible for the distribution of money donated in accordance with the trust deed for the benefit of Mr and Mrs Hubbard and those who have suffered undue hardship as a result of the statutory management.
Mr Funnell told the Otago Daily Times yesterday he was one of thousands of supporters who Mr and Mrs Hubbard had helped over many years.
"The very least we can do is raise the funds necessary to ensure Allan and Jean have the best possible support.
"They have given to so many people over so many years and now it is our turn to return their generosity."
Mr Funnell said he had been inundated with calls from people throughout New Zealand wanting to donate.
With the trust in place, it was the time to do just that, he said.
"It is gut-wrenching seeing Allan and Jean, who I admire greatly, in this humiliating position."
Before publicly stating his support for the Hubbards, Mr Funnell went to Timaru to check out they were still driving a 1971 Volkswagen and living modestly.
They were.
While admitting he was no accountant, his inspection of the situation led him to believe that this was one occasion when officials had made a wrong decision.
All finance companies were not the same, he said.
"I was very satisfied there was nothing there that could be called fraud. We three directors are absolutely convinced of that."
What concerned Mr Hubbard the most, Mr Funnell said, was the many elderly people who had contributed their life savings to Aorangi over a long period.
Some of those people had been paid out monthly, and some quarterly, to pay things like electricity bills.
"There have been cases in Timaru banks when those people have broken down in tears because they have nothing left to pay their bills. Allan is very stressed about that and has been using his weekly payment from the statutory manager to try and help out those people."
Any funds remaining in the trust would be paid to suitable charities, at the discretion of the directors, he said.
Mr Funnell received help from Mr Hubbard 30 years ago to establish a helicopter business which, in turn, had saved hundreds of lives through its emergency operations in the central North Island.
