Upon placing the meter in operation as aforesaid, the parking space may be lawfully occupied by the vehicle for a period of 12 consecutive minutes for each $.01 coin of the United States deposited therein up to 120 minutes, or for a period of 60 consecutive minutes for each $.05 coin of the United States deposited therein up to 120 minutes, and payment of the aforesaid amounts for the above periods shall be made in the area set forth herein. If any vehicle shall remain parked in any parking space beyond the parking time limit as fixed by the coin or coins deposited in the meter for the parking space, the parking meter shall, by its dial and pointer, indicate illegal parking, and in that event, the vehicle shall be considered parked overtime, and shall constitute a violation of this chapter, and the owner or operator thereof shall be punished as hereinafter set out.