copied from: http://www.archives.gov/exhibits/charters/constitution_amendments_11-27.html
Passed
by Congress March 2, 1932. Ratified January 23, 1933.
Note:
Article I, section 4, of the Constitution was modified by section 2
of this amendment. In addition, a portion of the 12th amendment was
superseded by section 3.
Section
1.
The terms of the President and the Vice President shall end
at noon on the 20th day of January, and the terms of Senators and
Representatives at noon on the 3rd day of January, of the years in
which such terms would have ended if this article had not been
ratified; and the terms of their successors shall then begin.
Section
2.
The Congress shall assemble at least once in every year,
and such meeting shall begin at noon on the 3d day of January, unless
they shall by law appoint a different day.
Section
3.
If, at the time fixed for the beginning of the term of the
President, the President elect shall have died, the Vice President
elect shall become President. If a President shall not have been
chosen before the time fixed for the beginning of his term, or if the
President elect shall have failed to qualify, then the Vice President
elect shall act as President until a President shall have qualified;
and the Congress may by law provide for the case wherein neither a
President elect nor a Vice President shall have qualified, declaring
who shall then act as President, or the manner in which one who is to
act shall be selected, and such person shall act accordingly until a
President or Vice President shall have qualified.
Section
4.
The Congress may by law provide for the case of the death
of any of the persons from whom the House of Representatives may
choose a President whenever the right of choice shall have devolved
upon them, and for the case of the death of any of the persons from
whom the Senate may choose a Vice President whenever the right of
choice shall have devolved upon them.
Section
5.
Sections 1 and 2 shall take effect on the 15th day of
October following the ratification of this article.
Section
6.
This article shall be inoperative unless it shall have been
ratified as an amendment to the Constitution by the legislatures of
three-fourths of the several States within seven years from the date
of its submission.
This
amendment provides staggering dates for the start of Congress and the
President. Congress terms end on January 3rd and begin at
noon on January 3rd as well unless they create a law
stating otherwise. After the end of an election year the president
and vice president end their term on January 20th. Should
the President elect die before officially making it to office the
Vice president is next in line to become the President. Should the
President elect is not able to fulfill his duties the vice President
fills in for him. If Congress sees neither the president or vice
president suitable they pick someone as acting president until the
president/vice president qualify. Lastly, in very rare cases the
Congress is able to choose the next president should the Electoral
College Fail to vote a President into office.
The Lame Duck Amendment. "In politics, the term “lame duck”
refers to an elected official whose term
of office has not yet expired but who has
failed to get re-elected and therefore
cannot garner much political support for
initiatives.
This 1915 cartoon shows "lame duck"
members of Congress departing Capitol
Hill after losing their bid for reelection.
The lame ducks shown are defeated
Democrats heading to the White House
hoping to secure political appointments
from then-President Woodrow Wilson.
The Lame Duck Amendment, 20th to
the U.S. Constitution, calls for Congress
and each new President to take office in
January instead of March (as before),
thereby eliminating the lame-duck session
of Congress. But for the period between
the November election and the January
inauguration and new Congress, the lame
ducks keep quacking"
Found on: http://nieonline.com/cftc/pdfs/lameduck.pdf