In parking meter zones the Chief of Police shall cause parking meters to be installed upon the curb, sidewalk or municipal parking lot area immediately adjacent to each parking meter space, each meter to be placed not more than two feet from the curb. The Chief of Police shall be responsible for the regulation, control, operation, maintenance and use of such parking meters. Each device shall be so set as to display a signal showing legal parking upon the deposit of the appropriate coin or coins, lawful money of the United States of America, for the period of time prescribed on the meter. Each device shall be so arranged that upon the expiration of the lawful time limit it will indicate by a proper visible signal that the lawful parking period has expired and in such cases the right of such vehicle to occupy such space shall cease and the operator, owner, possessor or manager thereof shall be subject to the penalties hereinafter provided.