The Indian Academy of Highway Engineers is an organization that is involved in highway engineering education and research in India. In terms of its legal status, the first statement indicates that it is a registered society. A registered society refers to an organization that is formed by a group of individuals who come together to achieve a common objective and is registered under the Societies Registration Act, 1860.

Moving on to the second statement, it states that the Indian Academy of Highway Engineers is a collaborative body of both the Central Government and State Governments. This suggests that both the central and state governments are involved in the functioning and governance of the organization.

To summarize, statement 1 indicates that the Indian Academy of Highway Engineers is a registered society, while statement 2 suggests that it is a collaborative body of both the Central Government and State Governments. Therefore, both statements are correct, and the correct answer is option 3 - Both 1 and 2.