Where a township is divided so that parts are situated in different counties, the county in which the sixteenth section or lands in lieu thereof may be situated shall have jurisdiction thereof and of the funds derived from it; and if the section or land in lieu thereof be in several counties, each county has jurisdiction of the part lying in it, or the counties may co-operate in the management thereof. In any case the fund shall be accounted for with each county according to the number of educable children in the part of the township in it as compared with the whole number in the township. Any county now having and hereafter receiving and collecting funds belonging to another county shall immediately thereafter pay over such funds, transfer and sign all notes, deeds of trust, and security for funds loaned out, to the depository of the county entitled thereto.
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