(1) The state highway commission with reference to state highways under its jurisdiction and local authorities with reference to other highways under their jurisdiction may, when traffic conditions warrant such action, give preference to traffic through any intersection on any highway and designate specified entrances to said intersections as yield right-of-way entrances by erecting yield-right-of-way signs in lieu of stop signs as required or permitted in Section 63-3-1001.
(2) The driver of a vehicle in obedience to a yield-right-of-way sign shall reduce the speed of his vehicle to not more than twenty miles per hour and shall yield the right of way to other vehicles which have entered the intersecting highway either from the right or left or which are approaching so closely on said intersecting highway as to constitute an immediate hazard. However, said driver having so yielded may proceed at such time as a safe interval occurs.
(3) If a driver is involved in a collision at an intersection or interferes with the movement of other vehicles after driving past a yield-right-of-way sign, such collision or interference shall be deemed prima facie evidence of the driver’s failure to yield right-of-way.