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 right–of–way to pedestrians lawfully within a crosswalk and to other traffic lawfully using the intersection;

(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).