Remington model 742 hold open ?

You likely have a detachable magazine that was designed for the pump action version of your rifle (760). The hold open device is part of the magazine that is designed specifically for the semi (742).
 
your mag hold open on the 742 is a button on the left side of the mag- if there isn't one there, it's the mag for the 760 series- I don't know about the new 750 series, but the 740/42/7400 mags will all fit- and if I remember correctly, the mag has to be empty for the hold open to work-it depends on putting the mag follower in the way of the bolt from coming forward- push the button or remove the mag, and the bolt rolls forward- it's more of a bolt release than a hold open
 
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