A steady yellow light alone shall indicate that:

(1) Vehicular traffic facing the signal is thereby warned that the red or stop signal will be exhibited immediately thereafter and such vehicular traffic shall not enter the intersection when the red or stop signal is exhibited;

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(2) Pedestrians facing such signal are thereby advised that there is insufficient time to cross the roadway, and any pedestrian then starting to cross shall yield the right–of–way to all vehicles.

Source: SL 1963, ch 274, § 2 (2); SL 1970, ch 175, § 22.