Under the Federal Reserve Act, each of the twelve Reserve Banks is separately incorporated with its own board of directors.
Problems with the original procedure arose in the elections of 1796 and 1800. The Twelfth Amendment refined the process whereby a President and a Vice President are elected by the Electoral College.The amendment was proposed by the Congress on December 9, 1803, and was ratified by the requisite threeâfourths of state legislatures on June 15, 1804.he Twelfth Amendment was proposed by the 8th Congress on December 9, 1803, when it was approved by the House of Representatives by vote of 83â42, having been previously passed by the Senate, 22â10, on December 2.
Summary of the 12th AmendmentSummary: The 12th Amendment was ratified in 1804, during the administration of Thomas Jefferson, and changed Presidential election rules, applying to both the President and the Vice President.2th Amendment Text-The Twelfth AmendmentThe original full text of the 12th Amendment of the Constitution is as follows. Note: A portion of Article II, section 1 of the Constitution was superseded by the 12th amendment.