Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 171, § 2

Ten or more persons, the majority of whom reside in the commonwealth, who have associated themselves by a written agreement with the intention of forming a corporation for the purpose of accumulating and receiving the savings of its members in payment for shares or on deposit, in making loans to them at reasonable rates for provident purposes and investing, as hereinafter provided, the funds so accumulated, may with the consent of the commissioner, become such a corporation upon complying with sections two to six, inclusive. Such corporation shall have all the powers and privileges, be subject to all the duties, restrictions and liabilities set forth in all General Laws relating to such corporations and may undertake such other activities relating to the purpose of the corporation as the by-laws may authorize.

The agreement of association shall specifically state:

Each incorporator shall subscribe his name to the agreement of association.