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.
(It was assumed, as were many things about the process initially.) Congress proposed the 12th Amendment on December 9, 1803. Within a month, five states (North Carolina, Maryland, Kentucky, Ohio, and Pennsylvania) had ratified the Amendment. The other states followed suite during the next six months; and New Hampshire's ratification, on June 15, 1804, brought the 12th Amendment into the Constitutional fold.