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.
The Twelfth Amendment (Amendment XII) to the United States Constitution provides the procedure for electing the President and Vice President. It replaced Article II, Section 1, Clause 3, which provided the original procedure by which the Electoral College functioned.aving been ratified by the requisite threeâfourths of the several states, there being 17 states in the Union at the time, the ratification of the Twelfth Amendment was completed.