How Can I make a Timer With The New UI System?

I have this Java script timer which works fine but I want to try and make one like this using the new U.I. system in C#?
This is the one I currently have in Java.

#pragma strict
 private var time : float;
 var textTime : String;
 var timerOn : boolean;
 var buttonText : String;
 var beep1 : AudioClip;
 var beep2 : AudioClip;
 var buttonTexture: Texture2D;
  
 function Start() {
     timerOn = false;
     buttonText = "Start";
 }
  
 function Update(){
     if(timerOn)
         time += Time.deltaTime;
 }
 
 
  
 function OnGUI () {
      var guiTime = time;
      
      var minutes : int = guiTime / 60; //Divide the guiTime by sixty to get the minutes.
      var seconds : int = guiTime % 60;//Use the euclidean division for the seconds.
      var fraction : int = (guiTime * 100) % 100;
   
      textTime = String.Format ("{0:00}:{1:00}:{2:00}", minutes, seconds, fraction); 
      //text.Time is the time that will be displayed.
      GetComponent(GUIText).text = textTime;
  }
  
  public function TimerOnOff()
 {
     // do your timer on/off stuff
     timerOn = !timerOn;
          if(timerOn) buttonText = "Stop";
          else buttonText = "Start";
          audio.PlayOneShot(beep1);
 }
 
  public function TimerReset()
 {
     // do your timer reset stuff
     time = 0;
         audio.PlayOneShot(beep2);
 }

Hi,

Create a new script from this code:

using UnityEngine;
using System.Collections;
using UnityEngine.UI;

public class timer : MonoBehaviour {
	public Text timerLabel;

	private float time;

	void Update() {
		time += Time.deltaTime;

		var minutes = time / 60; //Divide the guiTime by sixty to get the minutes.
		var seconds = time % 60;//Use the euclidean division for the seconds.
		var fraction = (time * 100) % 100;

		//update the label value
		timerLabel.text = string.Format ("{0:00} : {1:00} : {2:000}", minutes, seconds, fraction);
	}
}

Create a new GameObject, attach the script you created.
Create a label.
Select the first object you created and in inspector drag and drop the label in the timerLabel variable.