function Start () {
        // Create a new 16 bits per pixel texture with an alpha channel and assign it
        // to the renderer's material
        var texture = new Texture2D (128, 128, TextureFormat.ARGB4444, false);
        renderer.material.mainTexture = texture;
    }

using UnityEngine;
using System.Collections;

public class example : MonoBehaviour {
    void Start() {
        Texture2D texture = new Texture2D(128, 128, TextureFormat.ARGB4444, false);
        renderer.material.mainTexture = texture;
    }
}

import UnityEngine
import System.Collections

class example(MonoBehaviour):

    def Start():
        texture as Texture2D = Texture2D(128, 128, TextureFormat.ARGB4444, false)
        renderer.material.mainTexture = texture