Eric may be better at delineating the disaasembly and reassembly.
Though if you can be without your 240 for a few days, you remove the shift lever.
Anyhoo, see the M47 shift lever assembly diagram from the Volvo Part Webstore (courtesy).

You are interested in part #14, Volvo PN 1220894, in the diagram. NLA at the dealer as shown in the diagrams. Though it may fail in one or two other ways, I guess, if not also losing adjustment. The the lack of pretension by connection to the spring indicates the pull rod is broken.

https://www.volvopartswebstore.com/products/Volvo/Pull-rod/1201257/1220894.html
You start by pulling off the knob, removing the boot, and from underneath, release a set screw or driving out a retainer pin so you can remove it. It's been a long time and I don't recall right now.
If I was smart, I would have the 240 / 700 / 900 green manuals PDF files here hosted on the now shuttered k-jet.org site. At least have the 1972 164 PDF that is no help for you. Sorry. Bentley (I guess) and Haynes for 240 don't detail much.
Volvo Tips has these files sometime as PDFs, yet usually in PDF scans converted to stupid Adobe Flash Shockwave file (.swf). You'll find the PDF for either 200, 700, or 900 series detailing how to dissemble the shift lever from M47.
Your other options is to remove the lockout plate and drive it like it's an M41; mindful of no lockout on a reverse gear without synchro.
So, as Eric has these, I'd connect with him. He can probably highlight the M47 shift lever reverse lockout pull rod replacement easily and the pitfalls to avoid.

Sorry to go on so. The earl grey tea takes over. blah, blah, blah.
Questions? Hope that halps you.
Sunflower Seed Boy.
MacDuffed.
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