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.
Ratified June 15, 1804. The 12th Amendment changed a portion of Article II, Section 1. A portion of the 12th Amendment was changed by the 20th Amendment. The 20th amendment changed the dates that presidential terms and Congressional sessions started.he Twelfth Amendment was proposed by the Eighth Congress on December 9, 1803 and submitted to the states three days later. There being seventeen states in the Union at that time, thirteen had to ratify it.