The treasurer of the corporation shall be school treasurer, and all monies collected by tax or otherwise in the corporate limits, for school purposes, shall be paid over to him; and all public officers, required by law to pay money for school purposes to the school treasurer of township forty-two north of range thirteen east, of third principal meridian, shall pay the ratable proportion thereof direct to the treasurer of said corporation; and it is hereby made the duty of the school treasurer of said township, to pay over to the treasurer of said corporation, out of the township school fund of said township, an amount bearing the same proportion to the whole amount of said fund, as the lands in said corporate limits bear to all the lands in said township, and upon his failure so to do, the council may institute suit, in the corporate name, before any court of competent jurisdiction, and recover such proportionable amount; and the treasurer shall hold and manage such school funds under the direction of the council in the same manner, as township treasurers.