A steady red light with green arrow shall indicate that:

(1) Vehicular traffic facing such signal may cautiously enter the intersection only to make the movement indicated by such arrow but shall yield the rightofway to pedestrians lawfully within a crosswalk and to other traffic lawfully using the intersection;

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(2) No pedestrian facing such signal shall enter the roadway unless he can do so safely and without interfering with any vehicular traffic.

Source: SL 1963, ch 274, § 2 (4).