(b) Nothing in Sections 16520 to 16533, inclusive, and Sections 16610 to 16622, inclusive, shall apply to deposits held by the Trustees of the California State University in one or more depository institutions located outside of the United States if all of the following conditions are satisfied:

1. (1) The deposits are necessary to support a program of foreign study attended by California State University students.
2. (2) A depository institution that allows the Trustees of the California State University to meet the requirements of Sections 16520 to 16533, inclusive, and Sections 16610 to 16622, inclusive, is unavailable in the country in which the program of foreign study is conducted.
3. (3) The amounts on deposit are either insured under a foreign law or the amounts on deposit that are not insured under foreign law do not exceed one hundred thousand dollars ($100,000) per depository institution.