(A) Upon placing such meter in operation, the parking space may be lawfully occupied by such vehicle for a period of 12 consecutive minutes for each one-cent coin of the United States deposited therein up to 120 minutes or for a period of 60 consecutive minutes for each five-cent coin of the United States deposited therein up to 120 minutes. Payment of the aforesaid amounts for the above period shall be made for parking in the areas regulated by this division, or 24 minutes for $0.01, two hours for $0.05 or four hours for $0.10, if the meter so indicates. The rate plate on the meter shall control.
(B) If such vehicle shall remain parked in any such parking space beyond the parking time limit as fixed by the coins deposited in such meter for such parking space, the parking meter shall by its dial and pointer indicate such illegal parking which shall constitute a violation of this division.