(A) The provisions of this traffic code regulating the operation, parking, and standing of vehicles shall also apply to authorized emergency vehicles as defined in § 70.01. Unless otherwise directed by a police officer, a driver when operating such a vehicle in any emergency, may:
(1) Park or stand, notwithstanding the provisions of this traffic code.
(2) Proceed past a red or stop signal, stop sign, but only after slowing down as may be necessary for safe operation.
(3) Exceed the prima facie speed limit so long as he does not endanger life or property.
(4) Disregard regulations governing direction of movement, or turning in specified directions so long as he does not endanger life or property.
(B) The foregoing exemptions shall not, however, protect the driver of such a vehicle from the consequence of his reckless disregard for the safety of others.
('70 Code, Ch. E, Art. III § 5)