It is hereby made the duty of the treasurer of the board of education of such city to keep any fund arising under the provisions of this act as a separate fund, and to disburse the same in accordance with the instructions and orders of the board of education of such city.

L. 1911, ch. 280, § 7; R.S. 1923, 72-1732; L. 1935, ch. 257, § 6; May 15.