Mass. Gen. Laws ch. 170 § 6
A notice of the intention of the subscribers to form such a co-operative bank shall be given to the board of bank incorporation. A notice in such form as said board shall approve, shall be published at least once a week, for 3 successive weeks, in 1 or more newspapers designated by the board and published in the city or town in which it is proposed to establish the co-operative bank, or if there is no newspaper in such city or town, in a newspaper published in the city or town which is nearest to the proposed location. Such notice shall specify the names of the proposed incorporators, the name of the corporation and the location of the same. The subscribers to said agreement shall apply to the board for a certificate, which may be granted upon a finding that the public convenience and advantage will be promoted by the establishment of the co-operative bank. Such an application for a proposed co-operative bank shall be accompanied by an investigation fee, the amount of which shall be determined by the secretary of administration and finance pursuant to section 3B of chapter 7. In determining whether the public convenience and advantage will be promoted by the establishment of such co-operative bank, the board shall consider the adequacy of its capital structure, the general character of its management, the adequacy of banking facilities in the area and the convenience and needs of the community to be served. The board may grant such certificate, which shall be deemed to be revoked if the applicants do not become incorporated and begin business not more than 1 year after its date of issue; provided, however, that the board may grant an additional extension upon a demonstration of good cause; and provided further, that the board may impose terms and conditions on any such extension. If the board refuses to issue such certificate, no further proceeding shall be taken by the applicant during the year next following the date of such refusal except with the approval of the board, but the applicant may renew the application as of right after 1 year from the date of such refusal and may dispense with further notice or publication unless the board orders such notice or publication.
Mass. Gen. Laws ch. 170, § 6