Mass. Gen. Laws ch. 171 § 6
If it appears that all requirements of law have been complied with, that the credit union will have its shares and deposits insured by a federal agency and that the qualifications of the personnel are satisfactory, the commissioner, shall, if satisfied that the proposed field of operation is favorable to the success of such corporation and that the standing of the proposed incorporators is such as to give assurance that its affairs will be administered in accordance with the spirit of this chapter, issue a certificate authorizing such corporation to begin the transaction of business. No such corporation shall begin the transaction of business until such a certificate has been granted.
No credit union shall receive any deposits or payments on account of shares or make any loans, until its by-laws have been approved in writing by the commissioner.
A credit union shall organize and commence business not more than 1 year after its date of incorporation, otherwise the charter of the credit union shall be void; provided, however, that the commissioner may grant an extension upon a demonstration of good cause and subject to such terms and conditions as the commissioner may impose.
So much of chapter 167 as relates to supervision by the commissioner shall apply to credit unions so far as applicable.
For the purpose of this section, a federal agency shall mean the National Credit Union Administration any successor entity or any other agency or instrumentality of the United States which insures shares and deposits in credit unions.
Mass. Gen. Laws ch. 171, § 6