'time' not a member of 'Object'

Ran into the same problem and found a solution ()

sections.Pop();

is to be replaced by the following 3 lines:

var sectionsarr = new Array (sections);

sectionsarr.Pop();

sections = sectionsarr.ToBuiltin(TronTrailSection);

and sections.Unshift(section);

is to be replaced by the following 3 lines:

sectionsarr = new Array (sections);

sectionsarr.Unshift(section);

sections = sectionsarr.ToBuiltin(TronTrailSection);

the rest of the code remain the same, and it works like charm!

Please see the full modified source below and let me if it works for you.

 #pragma strict
 /*
  Generates a trail that is always facing upwards using the scriptable mesh interface.
  vertex colors and uv's are generated similar to the builtin Trail Renderer.
  To use it
  1. create an empty game object
  2. attach this script and a MeshRenderer
  3. Then assign a particle material to the mesh renderer
 */
 var height = 2.0;
 var time = 2.0;
 var alwaysUp = false;
 var minDistance = 0.1;
 
 var startColor = Color.white;
 var endColor = Color (1, 1, 1, 0);
 
 class TronTrailSection
 {
     var point : Vector3;
     var upDir : Vector3;
     var time : float;
 }
 
 //private var sections = new Array();
 private var sections = new TronTrailSection[0];
 
 function LateUpdate () {
     var position = transform.position;
     var now = Time.time;
 
     // Remove old sections
     while (sections.length > 0 && now > sections[sections.length - 1].time + time) {
       var sectionsarr = new Array (sections);
       sectionsarr.Pop();
       sections = sectionsarr.ToBuiltin(TronTrailSection);
         //sections.Pop();
     }
 
     // Add a new trail section
     if (sections.length == 0 || (sections[0].point - position).sqrMagnitude > minDistance * minDistance)
     {
         var section = TronTrailSection ();
         section.point = position;
         if (alwaysUp)        
              section.upDir = Vector3.forward;
         else
             section.upDir = transform.TransformDirection(Vector3.forward);
         section.time = now;
         
         sectionsarr = new Array (sections);
         sectionsarr.Unshift(section);
         sections = sectionsarr.ToBuiltin(TronTrailSection);
         //sections.Unshift(section);
     }
     
     // Rebuild the mesh
     var mesh : Mesh = GetComponent(MeshFilter).mesh;
     mesh.Clear();
     
     // We need at least 2 sections to create the line
     if (sections.length < 2)
         return;
 
     var vertices = new Vector3[sections.length * 2];
     var colors = new Color[sections.length * 2];
     var uv = new Vector2[sections.length * 2];
     
     var previousSection : TronTrailSection = sections[0];
     var currentSection : TronTrailSection = sections[0];
 
     // Use matrix instead of transform.TransformPoint for performance reasons
     var localSpaceTransform = transform.worldToLocalMatrix;
 
     // Generate vertex, uv and colors
     for (var i=0;i<sections.length;i++)
     {
         previousSection = currentSection;
         currentSection = sections[i];
         // Calculate u for texture uv and color interpolation
         var u = 0.0;        
         if (i != 0)
             u = Mathf.Clamp01 ((Time.time - currentSection.time) / time);
         
         // Calculate upwards direction
         var upDir = currentSection.upDir;
         
         // Generate vertices
         vertices[i * 2 + 0] = localSpaceTransform.MultiplyPoint(currentSection.point);
         vertices[i * 2 + 1] = localSpaceTransform.MultiplyPoint(currentSection.point + upDir * height);
         
         uv[i * 2 + 0] = Vector2(u, 0);
         uv[i * 2 + 1] = Vector2(u, 1);
         
         // fade colors out over time
         var interpolatedColor = Color.Lerp(startColor, endColor, u);
         colors[i * 2 + 0] = interpolatedColor;
         colors[i * 2 + 1] = interpolatedColor;
     }
 
     // Generate triangles indices
     var triangles = new int[(sections.length - 1) * 2 * 3];
     for (i=0;i<triangles.length / 6;i++)
     {
         triangles[i * 6 + 0] = i * 2;
         triangles[i * 6 + 1] = i * 2 + 1;
         triangles[i * 6 + 2] = i * 2 + 2;
 
         triangles[i * 6 + 3] = i * 2 + 2;
         triangles[i * 6 + 4] = i * 2 + 1;
         triangles[i * 6 + 5] = i * 2 + 3;
     }
 
     // Assign to mesh    
     mesh.vertices = vertices;
     mesh.colors = colors;
     mesh.uv = uv;
     mesh.triangles = triangles;
 }
 
 @script RequireComponent (MeshFilter)