94- 457 C.M.R. ch. 101, § 14
In the event that any application of a borrower or a lender is reviewed and denied by the chief executive officer under authority delegated by the members, the borrower or lender shall have the right to appeal the decision of the chief executive officer to the members. Notice of the appeal, together with a statement of the reasons why the chief executive officer's decision should be reversed or modified, shall be given to the chief executive officer in writing within twenty days after the date on which the chief executive officer mailed the notice of decision to the borrower or lender. The appeal shall be heard at a meeting of the members, and the borrower or lender must be present to support the appeal. The appeal shall be based on the record before the chief executive officer on the date of the decision. The decision of the chief executive officer shall be final unless the members determine that the decision by the chief executive officer was arbitrary, capricious or an abuse of discretion, in which event the members may overturn or modify the decision of the chief executive officer and may direct the chief executive officer to take further action with respect to the request.
94- 457 C.M.R. ch. 101, § 14