SECTION 1. The school district now embracing part of the present Village of Medford and Town of Medford, known as district number three of the Town of Medford, in the County of Taylor, shall remain intact and the same territory shall remain therein; provided, that hereafter, the name and style of said school district shall be "joint school district number one of the City of Medford and Town of Medford." The management of school matters shall remain the same as heretofore and the common council of the City of Medford, shall have the same power and authority to form and alter school districts as the town boards now or may hereafter have under the laws of this state.