Actually, current law reads the same except the age was dropped from 16 to 14. The immigration laws have been linked directly to FR on many of these previous threads.
Please see my post #95. When USC § 1401 was amended in 1986, the age was changed from 16 to 14, the physical presence requirement was changed from "ten years, five after" to "five years, two after" that age, and the law was made to apply to those born after December 24, 1952. My previous post links to the actual statutes.
I'd be glad to learn if I have read that statute wrong, but in any case, I still have yet to read any compelling reason to suspect that Obama was not born in Hawaii, and that subsection applies only to persons born outside of the United States.