From snopes:
Barack Obama is not legally a U.S. Natural-born citizen according to the law on the books at the time of his birth, which falls between "December 24, 1952 to November 13, 1986."
The law to which you refer no longer exists or applies. Why should we be concerned about a non-issue? Barack Obama was born in Hawaii. Two years after it became a state. Even if neither of his parents were born in the US, that would still make him a natural born citizen with every right to run for President.
Irie