Mass. Gen. Laws ch. 167H § 5
The mutual banking institution proposing to form a subsidiary banking institution shall submit an application therefor to the board of banking incorporation, together with such fee as determined by the commissioner of administration annually in accordance with the provisions of section three B of chapter seven, containing such information as the board may require including articles of organization stating (i) the name of the subsidiary banking institution, (ii) the address of the principal office of the same, (iii) the amount, authorized number and par value of the shares of its capital stock, (iv) the minimum amount of capital and surplus with which the subsidiary banking institution shall commence business, which amount may be less than its authorized capital but shall not be less than that required by section three, and (v) the name and address of each prospective initial director of the said subsidiary banking institution.
The board, before approving such application and articles of organization and issuing a charter, shall consider whether (1) the formation of the said subsidiary banking institution would be unfair or prejudicial to the depositors of the mutual banking institution proposing to reorganize as a mutual holding company, (2) the interest of the public will be served by the formation of the subsidiary banking institution, (3) the formation of such subsidiary banking institution is in accordance with safe and sound banking practices, and (4) the financial and management resources of the mutual banking institution proposing to reorganize as a mutual holding company warrant approval of such proposal.
If the board approves such application and articles of organization, it shall issue a charter and two copies of a certificate of authority to such subsidiary banking institution to commence the business of a stock savings bank or a stock cooperative bank, as the case may be. Such subsidiary banking institution shall file one copy of the certificate of authority, together with a copy of the articles of organization, with the secretary of state.
No subsidiary banking institution shall commence business until its insurable accounts or deposits are insured by the appropriate deposit insurer and until a certificate of authority has been issued and filed with the secretary of state; provided, however, that the acceptance of subscriptions for such deposits as may be necessary to obtain the required insurance shall not be considered to be commencing business.
Mass. Gen. Laws ch. 167H, § 5